Monday, October 12, 2009

Onyx Pharmaceuticals Acquires Proteolix

Emeryville-based Onyx Pharmaceuticals said today that it is in a definitive agreement to acquire South San Francisco-based Proteolix, a biopharmaceuticals firm focused on treating hematological malignancies and solid tumors. Onyx said it will pay $276M in cash, plus $40M in 2010 based on milestones, and up to $535M in contingent payments based on regulatory approvals for the Proteolix compound carfilzomib. Proteolix was venture backed by Latterell Venture Partners, U.S. Venture Partners, Advanced Technology Ventures, the Vertical Group, GenenFUND, Delphi Ventures, Nomura Phase4 Ventures, and Westfield Capital Management.