Sugen deal

SUGN (Redwood City, Calif.) and Zeneca Group agreed to develop anti-cancer drugs targeting cell surface receptors and intracellular signal transduction pathways.

Zeneca will purchase 789,141 shares of SUGN common stock at $15.84 a share. The $12.5 million investment is in addition to Zeneca’s $7.5 million participation in SUGN’s IPO last October, bringing Zeneca’s holdings to 19.99 percent. Zeneca agreed not to increase its stake without the approval of SUGN’s board. ...