Paul Allen-backed BiPar Sciences sells out for $500 million |
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Paul Allen-backed BiPar Sciences sells out for $500 million
It's been a rough ride for Microsoft billionaire Paul Allen so far this year, with his cable company, Charter Communications, filing for bankruptcy and his private investment firm, Vulcan, conducting layoffs. But Allen got a dose of good news today when Sanofi-aventis announced it was buying biotechnology company BiPar Sciences for up to $500 million. It's a hefty return for Vulcan, which led the series A deal four years ago.
BiPar is developing a new way to destroy cancer cells using what are known as PARP inhibitors, which prevent the cells from repairing their own DNA. The Brisbane, Calif.-based company's lead product -- for breast cancer -- is currently in Phase 2 trials.
Vulcan led the first $13 million investment in the company in late 2004, which was followed by capital from Domain Associates and Canaan Partners. BiPar raised a $20 million round in January.
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