Amgen To Acquire Biotech Company BioVex

Amgen plans to acquire BioVex, a biotech company with an experimental cancer vaccine in development to treat cancer and melanoma, for up to $1 billion.

Amgen has entered into an agreement to acquire BioVex Group, Inc., a biotechnology company based in Woburn, MA. BioVex is developing OncoVEX(GM-CSF), a novel oncolytic vaccine in Phase III development for the treatment of melanoma and head and neck cancer.

According to the agreement, BioVex will become a wholly owned subsidiary of Amgen. Amgen will pay as much as $1 billion, which includes $425 million in cash at closing and as much as $575 million in additional regulatory and sales milestones. The transaction, subject to customary closing conditions, is expected to close in 1Q11.

“OncoVex has demonstrated encouraging anti-tumor activity in clinical studies for the treatment of melanoma and head and n