SuperGen Inc. announced Wednesday that it has completed its previously announced acquisition of Salt Lake-based Montigen Pharmaceuticals Inc., a privately held drug discovery and development company, as of April 4.
California-based SuperGen has acquired all of Montigen's outstanding capital stock for $9 million in cash and $9 million in shares of SuperGen common stock.
SuperGen said it also will pay the Montigen stockholders an additional $22 million in shares of SuperGen common stock contingent upon achievement of specific regulatory milestones.