BioVex is a biotechnology company that develops OncoVEX (GM-CSF), a novel oncolytic vaccine in Phase 3 clinical development, intended as a treatment for melanoma and head and neck cancer.
As per the terms of the agreement, BioVex is entitled to get up to $1bn, out of which it will receive $425m in cash at closing and up to $575m in additional payments upon the achievement of certain regulatory and sales milestones from Amgen.
The transaction is expected to close in the first quarter of 2011.
Amgen Research and Development executive vice president Roger Perlmutter said OncoVex has demonstrated encouraging anti-tumor activity in clinical studies for the treatment of melanoma and head and neck cancer, and BioVex is currently enrolling patients into pivotal Phase 3 trials in both indications.
"Amgen is particularly excited about joining with BioVex and its talented staff to focus on advancing this late-stage investigational therapy, with the hope of bringing it to market within the next few years," Perlmutter said.