Onyx Pharma set to buy Proteolix for up to $851M
Onyx Pharmaceuticals, developer of treatments for liver and late-stage kidney cancer, has moved to acquire Proteolix, provider of a technology that can accelerate the death of cancer cells, for as much as $851 million. Emeryville, Calif.-based Onyx says it wants to incorporate this component, which has proved less toxic and more effective in patients, into its current offerings.
When the deal closes, South San Francisco-based Proteolix will receive $276 million in cash, with the option of bringing in $575 million in additional payments with the achievement of various milestones. Previously, it raised a sizable amount of capital — including $79 million in a third round of funding last year — from Advanced Technology Ventures, Delphi Ventures, Latterell Venture Partners, Nomura Phase4 Ventures, U.S. Venture Partners, Westfield Capital Management and Vertical Group.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.