Less unSERDainty

A combination of a well-explored target and unmet need led Genentech Inc. to commit potentially over $1.7 billion to acquire Seragon Pharmaceuticals Inc. after seeing Phase I data for its selective estrogen receptor degradation program in women with hormone receptor-positive breast cancer.

The deal let Seragon's management repeat its modus operandi of cashing programs out early rather than supporting a licensor through a large Phase III program...