Amgen is to acquire BioVex Inc a portfolio company of Forbion Capital Partners. Biovex Group is a privately held biotechnology company that has two biologics in clinical development, including Biovex’s lead product candidate, OncoVEXGM-CSF, a first in class oncolytic vaccine that may prove to be a paradigm-shifting approach to treating melanoma and other solid tumors, as well as a vaccine for genital herpes.
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.
Under terms of the agreement, Amgen will pay up to USD1 billion; USD425 million in cash at closing and up to USD575 million in additional payments upon the achievement of certain regulatory and sales milestones. Following the completion of the transaction, BioVex will become a wholly owned subsidiary of Amgen.
“This is a landmark transaction for Forbion. We have been Biovex’s largest shareholder for several years, and have supported the Company by leading and structuring its recent financing rounds,” says Sander Slootweg, Managing Partner at Forbion and non-executive board member at Biovex. We are very pleased that Amgen, a clear leader in the biologics space, has recognized the potential of OncoVEXGM-CSF for the treatment of various solid tumor types. Biovex has been one of our most successful investments to date and demonstrates our ability to discover and grow real talent in the industry.”
