Onyx Raises $10 Million, Extends Warner-Lambert Deal for Three Years

Dec 21, 1998

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RICHMOND, Calif.--Onyx Pharmaceuticals, a genetically oriented drug development company, has sold over 1.4 million shares to two institutional investors at $7.13 per share, raising $10 million. The company said it will use the money to fund ongoing research and development efforts oriented toward cancer treatments.

The lead investor is London-based International Biotechnology Trust, which is managed by Rothschild Bioscience. Another manager is Lombard Odier. As part of the deal Nicole Vitullo, senior vice-president of the Rothschild unit, will become a director of Onyx.

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