VC-Backed Proteolix Being Bought For Up To $850 Million
Onyx Pharmaceuticals Inc. (Nasdaq: ONXX) has agreed to acquire Proteolix Inc., a South San Francisco-based drug company focused on protein degradation pathways in cancer and autoimmune diseases. The deal is valued at up to $851 million, including a $276 million up-front cash payment and the remainder in earn-outs. Proteolix has raised around $142 million in VC funding, from firms like U.S. Venture Partners, Advanced Technology Ventures, Latterell Venture Partners, Delphi Ventures, The Vertical Group, Nomura Phase4 Ventures and Westfield Capital Management.
12 October 2009•5 mins read
