NEW YORK (AP) -- Sanofi-Aventis said Wednesday that it will buy privately held TargeGen Inc. for up to $560 million, gaining a pipeline of potential blood disorder products.
The company will pay $75 million up front with potential future milestone payments.
TargeGen's lead product is TG 101348, aimed at myelofibrosis, which affects bone marrow cells.
The deal is expected to close in the third quarter.
Shares of Sanofi-Aventis rose 46 cents to $30.21 in morning trading.