Onyx Pharmaceuticals Acquires Proteolix for $850,000,000

  • Feed Type
  • Date
    10/12/2009
  • Company Name
    Proteolix
  • Mailing Address
    333 Allerton Avenue South San Francisco, CA 94080
  • Company Description
    Proteolix, Inc. is a biopharmaceutical company dedicated to discovering, developing and marketing pharmaceutical products that target the proteasome and the control of protein turnover in cells. The company’s focus is on the treatment of cancer, inflammatory disease, and autoimmunity.
  • Website
    http://www.proteolix.com
  • Transaction Type
    M&A
  • Transaction Amount
    $850,000,000
  • Transaction Round
  • Proceeds Purposes
  • M&A Terms
    Under the terms of the transaction, Onyx will make a $276 million cash payment upon closing of the transaction. Additional payments include $40 million payable in 2010 based on the achievement of a development milestone and up to $535 million contingent upon the achievement of anticipated approvals for carfilzomib in the U.S. and Europe. Of the potential $535 million, a payment of $170 million is based upon the achievement of accelerated U.S. Food and Drug Administration approval. The transaction is expected to close in the fourth quarter of 2009, subject to the receipt of clearance under the Hart-Scott-Rodino Act and customary closing conditions.

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