GENova to acquire three new drug target patents worth in excess of $1 billion in royalty fees

US biotechnology firm GENova Biotherapeutics says that it is in the process of acquiring three promising new drug target patents that could generate over $1 billion in royalty fees in the mid to long term.

Chief executive Aaron Whiteman says, that, "following a rigorous evaluation phase, we have selected three potential blockbuster drug target patent for acquisition, and we look forward to integrating them into our IP portfolio." The acquisition targets still subject to due diligence and contract would include both preclinical and clinical drugs that show promising potential in the major markets of anti-cancer and anti-infective drugs. GENova will announce details of these new biological products in the coming weeks.

The three new patents would join GENova's current proprietary intellectual property products --tetanolic acid (for breast cancer) and prostaganin (for prostate cancer) -- in the company's growing IP portfolio.