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Home Industry News Amgen finalises BioVex takeover

Amgen finalises BioVex takeover

10th March 2011

Amgen has announced the completion of its takeover of the privately-held biotechnology company BioVex Group, which now becomes a wholly-owned Amgen subsidiary.

The acquisition was originally announced in January 2011 and sees Amgen take control of BioVex's central operations in Woburn, Massachusetts, as well as its additional UK base in Abingdon.

Amgen has agreed to pay up to $1 billion (618.66 million pounds) to close the deal, with $575 million of this total dependent on the accomplishment of certain regulatory and financial milestones.

This takeover hands Amgen control over OncoVEX, a developmental oncolytic vaccine that has demonstrated potential as a treatment for head and neck cancer and melanoma.

It is currently entering the phase III clinical trial phase, with BioVex having already commenced enrolment for the first studies.

Dr Roger Perlmutter, Amgen's executive vice-president for research and development, said in January: "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."ADNFCR-8000103-ID-800453871-ADNFCR

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