ARTICLE | Finance

Proteolix payback

Onyx gets some payback from Proteolix acquisition with Ono cancer deal

September 13, 2010 7:00 AM UTC

As a result of last week's partnership with Ono Pharmaceutical Co. Ltd. (Tokyo:4528; Osaka:4528), Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) has the potential to recoup more than the upfront payment it made last year to acquire fellow cancer company Proteolix Inc.

The deal includes carfilzomib, which is in Phase III testing for multiple myeloma, and ONX 0912, which is in Phase I testing for advanced refractory and recurrent solid tumors. Both candidates came from Proteolix, which Onyx acquired for $276 million up front and up to $575 million in potential milestones (see BioCentury, Oct. 19, 2009). ...