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Home Industry News Merck Sharp and Dohme announces OncoEthix takeover

Merck Sharp and Dohme announces OncoEthix takeover

24th December 2014

Merck Sharp and Dohme has agreed a deal to purchase OncoEthix, a Swiss biotechnology company specialising in oncology drug development.

The firm will pay an upfront fee of $110 million (70.73 million pounds) to OncoEthix as part of the deal, plus additional milestone fees of up to $265 million contingent on the achievement of certain clinical and regulatory events.

Purchasing OncoEthix gives Merck Sharp and Dohme access to an investigational oral BET inhibitor called OTX015, which is currently in phase Ib studies as a treatment of haematological malignancies and advanced solid tumours.

The compound was originally in-licensed from Mitsubishi Tanabe Pharma in March 2012 following the successful completion of phase I clinical studies in healthy volunteers.

Dr Roy Baynes, senior vice-president for global clinical development at Merck Research Laboratories, said: "Oncology is a priority area of focus for Merck and the acquisition of OncoEthix supports our strategy to prioritise the development of innovative molecules with the potential to improve the treatment of advanced cancers."

This comes after the company announced the acquisition of Cubist Pharmaceuticals in a deal worth $9.5 billion earlier this month.ADNFCR-8000103-ID-801767541-ADNFCR

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