Amgen Acquiring BioVex For $1 Billion
Amgen, a human therapeutics company that focuses on advances in recombinant DNA will be acquiring BioVex Group for $1 billion. BioVex is a biotechnology company that works on the treatment of cancer.
According to a press release BioVex’s investors include Morningside Ventures Ventech, MVM Life Science Partners, LLP, Forbion Capital Partners, Credit Agricole Private Equity, Innoven Partners, New Science Ventures, LLC, Scottish Equity Partners, Harris & Harris Group, Inc., Avalon Ventures, AAC Capital Partners, Triathlon Medical Ventures, GeneChem, WestLB AG, Avalon Ventures, Technomark Medical Ventures, Lloyds TSB Development Capital Limited, Noble Health Fund VCT plc, Merlin Biosciences Fund (Fund II), Temasek Holdings Pte, Ltd., Scottish Equity Partners, and Merlin Fund (Fund I).
Amgen will pay $425 million in cash at closing and $575 million in additional payments upon sales milestones and other targets. Through the acquisition, Amgen will also control OncoVex. OncoVexis in phase III clinical trial for advanced melanoma, neck, and head cancer treatment.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry