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Roche to buy US biotech company Seragon for as much as US$1.7 bil.

GENEVA--Swiss pharmaceutical group Roche said Wednesday it was buying Seragon Pharmaceuticals, a U.S. biotechnology firm specializing in a new way to fight breast cancer, in a deal worth up to US$1.7 billion (1.2 billion euros).

Seragon, a privately held outfit located in California, is developing a new generation of treatments for the most common form of breast cancer, Roche said in a statement.

Roche said its Genentech subsidiary would be acquiring Seragon, putting US$725 million in cash upfront and adding up to another US$1 billion if “certain predetermined milestones” are met. The deal is expected to be sealed by the end of September if anti-trust regulators raise no objection.

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