Elan And Cytogen Form Cancer Co
Ireland's Elan Corporation and Cytogen of the USA have entered into an agreement to create a new US company that will focus exclusively on the rapid development, registration, manufacture and commercialization of differentiated oncology products.
The new company will be known as Targon Corporation and initially will be a wholly-owned subsidiary of Cytogen. Elan, which has made a $20 million investment in Cytogen, will have the right to equal ownership of the new company.
Products for Targon will come from the parent companies' pipelines and in-licensing of late-stage oncology products. Elan said that all new products to be developed by Targon will benefit from Elan's expertise in drug delivery and enhanced formulation, and Cytogen's strength in the clinical development and registration of cancer products.
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