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Onyx acquires cancer therapy license
07 Jan 2009
Medical Affairs
Onyx Pharmaceuticals has bought the license for a cancer therapy from Singapore firm S*BIO.
The California-based company has obtained exclusive option rights to produce and market SB1518, a KAK2 inhibitor - which can be used for a variety of difficult-to-treat illnesses, including cancer and autoimmune diseases - in the US, Canada and Europe.
Once it has exercised its option for each compound related to SB1578, Onyx will foot the bill for development of the drug, while S8BIO will have the opportunity to fund part of the production in return for a one-off fee, plus development and sales milestones and royalties payments.
"This transaction exemplifies our approach of expanding our product portfolio through deals with staged investments as value-creating events occur," said Dr Anthony Coles, president and chief executive officer of Onyx.
At the start of this week, Matthew Fust began his new role as executive vice president and chief financial officer of Onyx, following the announcement of his appointment to the company in December last year.
