Onyx Pharmaceuticals found a marketing partner for its lead drug candidate, carfilzomib, in Japan's Ono Pharmaceuticals. They signed a deal bringing Onyx $59 M upfront with milestone payments that could reach as high as another $280 M. Carfilzomib is a treatment for multiple myeloma that is now in Phase III trials. It was acquired by Onyx in another previous deal that bought out Proteolix - a $535 M acquisition last year.
In addition to carfilzomib, Ono Pharmaceuticals will also get development rights relating to ONX 0912 which is also a treatment for multiple myeloma. The terms of the deal only cover Japan. Onyx will retain all its rights for both the US and Europe. Onxy is in the process of preparing and NDA to file with the FDA by year's end. Upon approval, Proteolix investors are in line for a $170 M milestone payment.
Posted by Bruce Lehr September 8th 2010.