Onyx Adds Cancer Drug Maker Proteolix For $276M

Law360, New York (October 12, 2009, 5:04 PM EDT) -- Onyx Pharmaceuticals Inc., a biopharmaceutical company specializing in cancer treatments, announced Monday that it had agreed to purchase Proteolix Inc. for an initial cash payment of $276 million.

According to a statement from Onyx, the total purchase price for Proteolix, a private biopharmaceutical company that focuses on treatments for blood and other cancers, could range as high as $535 million, contingent on the company's reaching regulatory approval targets for its multiple myeloma drug carfilzomib.

The drug is currently in midstage clinical trials for patients with relapsed...
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