Onyx Pharmaceuticals Completes Acquisition of Proteolix, Inc.
17 November 2009 - 1:29AM
PR Newswire (US)
EMERYVILLE, Calif., Nov. 16 /PRNewswire-FirstCall/ -- Onyx
Pharmaceuticals, Inc. (NASDAQ:ONXX) today announced that the
company has completed its acquisition of Proteolix, Inc., a
privately held biopharmaceutical company focused on discovering and
developing novel therapies that target the proteasome for the
treatment of hematological malignancies and solid tumors. "With the
close of this strategic transaction, Onyx reaches an important
milestone in its evolution as a leading biopharmaceutical company.
This acquisition positions the company for the next level of growth
as a multi-product portfolio company with the opportunity to expand
into the $16 billion hematological malignancies market," said N.
Anthony Coles, M.D., president and chief executive officer of Onyx.
"The lead asset, carfilzomib, with its potential for an accelerated
approval in 2011, may provide the next generation of therapy for
patients with multiple myeloma who often relapse or become
resistant to current treatment options." About Multiple Myeloma
Multiple myeloma (MM) is the second most common hematologic cancer
and results from an abnormality of plasma cells, usually in the
bone marrow. In the United States, more than 50,000 people are
living with MM and approximately 20,000 new cases are diagnosed
annually(i). Worldwide, more than 180,000 people are living with MM
and approximately 86,000 new cases are diagnosed annually.(ii)
About Onyx Pharmaceuticals, Inc. Onyx Pharmaceuticals, Inc. is a
biopharmaceutical company committed to improving the lives of
people with cancer. The company, in collaboration with Bayer
HealthCare Pharmaceuticals, Inc., is developing and marketing
Nexavar® (sorafenib) tablets, a small molecule drug that is
currently approved for the treatment of liver cancer and advanced
kidney cancer. Additionally, Nexavar is being investigated in
several ongoing trials in a variety of tumor types. Beyond Nexavar,
Onyx has established a development pipeline of anticancer compounds
at various stages of clinical testing, including carfilzomib, a
next-generation proteasome inhibitor, that is currently being
evaluated in multiple clinical trials for the treatment of patients
with relapsed or relapsed/refractory multiple myeloma and solid
tumors, and ONX 0801, a targeted alpha-folate inhibitor, currently
in Phase 1 testing. For more information about Onyx, visit the
company's website at http://www.onyx-pharm.com/. Nexavar®
(sorafenib) tablets is a registered trademark of Bayer HealthCare
Pharmaceuticals. Forward Looking Statements This news release
contains "forward-looking statements" of Onyx within the meaning of
the federal securities laws. These forward-looking statements
include without limitation, statements regarding the anticipated
benefits of the acquisition of Proteolix and the timing, progress
and results of the clinical development, safety, regulatory
processes, commercialization efforts or commercial potential of
carfilzomib. These statements are subject to risks and
uncertainties that could cause actual results and events to differ
materially from those anticipated, including the risk that
Proteolix's operations will not be integrated successfully into
Onyx's, the risk that Onyx may not realize the anticipated benefits
of the acquisition and risks related to the development and
commercialization of pharmaceutical products. Any statements
contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Reference should be made to Onyx's Annual Report on Form 10-K for
the year ended December 31, 2008, filed with the Securities and
Exchange Commission under the heading "Risk Factors" and Onyx's
Quarterly Reports on Form 10-Q for a more detailed description of
such factors. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date of
this release. Onyx undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law. (i) National Cancer Institute, Surveillance Epidemiology and
End Results, 2007 Facts and Figures (ii) International Agency for
Research on Cancer , GLOBOCAN 2002 database DATASOURCE: Onyx
Pharmaceuticals, Inc. CONTACT: Investors, Julie Wood, Vice
President, Investor Relations, +1-510-597-6505, or Media, Lori
Murray, Associate Director, Corporate Communications,
+1-510-597-6394, both for Onyx Pharmaceuticals, Inc. Web Site:
http://www.onyx-pharm.com/
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