Biotech giant Amgen Inc. announced it will acquire cancer-therapy developer BioVex Group, Inc. in a deal worth more than $1 billion. BioVex, a privately held, venture-funded, biotechnology company headquartered in Woburn, Mass. is developing a novel oncolytic vaccine in Phase 3 clinical development, which may represent a new approach to treating melanoma and head and neck cancer. Under terms of the agreement, Amgen will pay $425 million in cash at closing and up to $575 million in additional payments upon the achievement of certain regulatory and sales milestones. The transaction has been approved by the boards of directors of each company. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2011. Following the completion of the transaction, BioVex will become a wholly owned subsidiary of Amgen.
