Onyx Pharmaceuticals (ONXX) Completes Acquisition of Proteolix

November 16, 2009 9:32 AM EST

Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) 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."

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