MGI PHARMA and SuperGen Announce Closing of Stock Purchase Agreement and Effectiveness of License Agreement
Wednesday September 22, 7:00 am ET
MINNEAPOLIS, and DUBLIN, Calif., Sept. 22 /PRNewswire-FirstCall/ -- MGI PHARMA, INC. (Nasdaq: MOGN - News), and SuperGen, Inc. (Nasdaq: SUPG - News), today announced the closing of the stock purchase agreement pursuant to which MGI PHARMA purchased $40 million of SuperGen common stock at $10 per share and the granting to MGI PHARMA of exclusive worldwide rights to the development, manufacture, commercialization and distribution of SuperGen's Dacogen (TM) (decitabine) pursuant to a license agreement. This transaction, which the companies first announced on September 1, 2004, was subject to certain closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
About Dacogen
Dacogen is an investigational drug. It has not yet been approved for marketing in the U.S. or by other regulatory agencies in their respective countries. The safety and efficacy of Dacogen has not yet been established in any patient population. In clinical trials, Dacogen has been shown to have a broad spectrum of activity in several hematological malignancies as well as solid tumors. Dacogen belongs to a class of drugs called hypomethylating agents, with a unique mechanism of action. Methylation is a process in which methyl (CH3) groups are added to DNA to inactivate or "silence" genes. |
