Onyx Sees Blockbuster In Oncology Drug Carflizomib, Buys Proteolix To Get It
This article was originally published in The Pink Sheet Daily
With acquisition of biotech Proteolix for $276 million upfront (and another $535 million in milestones), Onyx gains a promising multiple myeloma drug.
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The biotech, Arvinas, will pursue therapies that degrade proteins, a process that could lead to therapeutic approaches to targets previously thought to be undruggable. The $15 million in venture funding is augmented by $3.5 million from the state of Connecticut.
The addition of Onyx’s cancer drugs to Amgen’s portfolio will fill a near-term sales gap for the big biotech and reinforce the company as a major oncology player. But Amgen will need to execute expertly on the merger if it is to transform itself into a high-growth biotech.
Amgen will acquire the cancer company Onyx for $125 per share, or $10.4 billion. That's higher than the $120 per share Amgen originally offered, but less than some investors and analysts thought obtainable.