In this deal, Amgen will pay up to $425 million in cash at the closing of the transaction and up to $575 million in additional payments upon the achievement of certain regulatory and sales milestones. BioVex will become a wholley owned subsidary of Amgen.
Friday, January 28, 2011
Amgen expands oncolytic virus program with $1B acquisition of BioVex
Oncolytic viruses are now recognized as an important new strategy for treating cancerous tumors. In addition to Genelux, BioVex, Jenneres, Oncolytic Biotech and Oncos Therapeutics are working on releasing positive clinical data sets. The value of this technology was confirmed by the $1B acquisition of BioVax by Amgen in 2011. BioVex is developing OncoVEX (GM-CSF), a novel oncolytic vaccine for head and neck cancer currently in Phase 3 clinical development.