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Amgen completes acquisition of BioVex Group

March 4, 2011

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THOUSAND OAKS, Calif.—Biotechnology company Amgen Inc. said Friday it has completed the acquisition of cancer therapy developer BioVex Group.

BioVex is developing a cancer treatment called OncoVex, a virus aimed at attacking cancer cells, destroying tumors and stimulating the immune system to fight cancer throughout the body. OncoVex is in late-stage clinical testing as a treatment for metastatic melanoma, the most aggressive type of skin cancer, and cancers of the head and neck.

BioVex, which is based in Woburn, Mass., is also developing a genital herpes vaccine called ImmunoVex.

Amgen agreed to buy BioVex in January for $425 million upfront. It could pay another $575 million if the company's products reach regulatory and sales milestones.

Shares of Amgen fell 5 cents to close at $52.32 on Friday.