Onyx Pharmaceuticals Buys Proteolix, Gaining Blood-Cancer Drug

by amyellensoden | October 12, 2009 at 09:10 am

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Onyx Pharmaceuticals Inc. is set to buy Proteolix Inc. for a reported $276 million in order to gain a blood-cancer drug in its experimental stages.

The Emeryville, California based company may end up paying $575 million more in future payments for development of the experimental drug called carfilzomib.

Chief Executive Officer Tony Coles has said he aims to expand Onyx’s product offerings through licensing deals or acquisitions in the oncology field. Coles said in September the company was focusing on a small number of potential partners with experimental drugs in the mid-stage of human tests typically required for U.S. approval.

“The acquisition combines our clinical development and commercial expertise with Proteolix’s scientific expertise,” Coles said during a conference call today. “The combination will make us one of the leaders in hematology and oncology.”

Carfilzomib has been tested thus far by Proteolix for treatment of the blood-cancer multiple myeloma. Chief Executive Officer Tony Coles believes Onyx is now on its way to making a tangible difference in blood-cancer research.

Proteolix gives Onyx entry into the $16 billion market for hematologic cancer, Coles said. There is “a lot of unmet need” among multiple myeloma patients, he said.

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