Sanofi to buy US cancer drug firm for about $500 million

French drugmaker Sanofi-Aventis has signed an agreement for the acquisition of BiPar Sciences Inc, a privately held US biopharmaceutical company, developing novel tumorselective approaches for the treatment of different types of cancers.

BiPar is the leading company in the emerging field of DNA repair using PARP (Poly ADP-Ribose Polymerase) inhibitors. PARP inhibitors represent a new, targeted approach to treating many types of cancers. By preventing cancer cells from repairing their own DNA, PARP inhibitors ultimately cause cancer cell death, the company said in a release.

BiPar's lead product candidate BSI-201 is a potential first-in-class PARP inhibitor currently being studied in Phase 2 clinical trials in metastatic triple negative breast cancer (TNBC), ovarian cancer and other malignancies.

"We are extremely pleased to join with one of the most successful and innovative global pharmaceutical companies,'' said Hoyoung Huh, president and chief executive of BiPar Sciences,adding, ''This agreement validates BiPar's novel scientific approach and will maximize patient access to this new class of breakthrough cancer therapy."

"The acquisition of BiPar, one of the pioneer for novel tumor-selective therapies, is a further step in our company's goal to focus on new approaches to strengthen our oncology R&D portfolio,'' said Christopher A. Viehbacher, chief executive of Sanofi-aventis. ''This acquisition illustrates our strong commitment to oncology to provide patients, physicians and public health stakeholders with breakthrough medicines addressing unmet medical needs,'' he added.

Under the agreement, the purchase price will depend on the achievement of milestone payments related to the development of BSI-201 which could achieve a maximum of $ 500 million. The transaction is expected to close in the second quarter of 2009, subject to the receipt of the FTC clearance.