Cancer-drug maker Onyx Pharmaceuticals, Emeryville, Calif., has agreed to pay up to $851 million to acquire Proteolix, a San Francisco-based developer of treatments for cancer and autoimmune diseases, according to a news release.
Under the terms of the agreement, Onyx will pay Proteolix's private shareholders $276 million cash upon closing of the deal. Onyx will make additional payments of up to $575 million upon the achievement of certain drug development milestones and regulatory approvals. Proteolix is currently developing carfilzomib, a compound to be used in the treatment of patients with relapsed and refractory multiple myeloma.
The acquisition is subject to customary regulatory review and approval and is expected to close during the fourth quarter of 2009.
