Montigen Acquired For $18M

Salt Lake City, Utah-based Montigen Pharmaceuticals has been acquired by SuperGen for $18M. Montigen is developing pharmaceuticals for the treatment of cancer. The deal also includes earn out of up to $22M in stock contingent on achieving specific regulatory milestones. The deal included $9M in cash and $9M in shares of SuperGen, which is listed on the Nasdaq as SUPG. SuperGen said that the acquisition would expand its position in the oncology and hematology markets. SuperGen last received a venture round from undisclosed investors. The companies said that Montigen's founder, Dr. David J. Bearss will join SuperGen, along with Montigen's 12 research team in Salt Lake.