On Jul. 1, 2014, Genentech entered into an agreement to acquire Seragon Pharmaceuticals, a privately held biotechnology company based in San Diego, California. Upon closing of this acquisition, Genentech obtained rights to Seragon’s portfolio of investigational next-generation oral selective estrogen receptor degraders (SERDs), for the potential treatment of hormone receptor-positive breast cancer.

Genentech made an upfront cash payment of $725 million, plus additional contingent payments of up to $1 billion based on achievement of certain predetermined milestones.