Skip to main content
Premium Trial:

Request an Annual Quote

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


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.

In other news, Onyx announced that the pharmaceutical company Warner Lambert has extended a three-year research agreement by another three years. The original partnership was scheduled to expire in May.

The extension means Onyx will receive $25 million in committed funding from Parke-Davis, Warner Lambert's research division, plus milestones prior to commercialization of any products. Onyx said it has already received $10.3 million in payments from the original agreement, and will receive another $6.2 million by May. In all, the six-year deal could bring in up to $50 million plus milestones, according to Onyx.

Filed under

The Scan

Another Resignation

According to the Wall Street Journal, a third advisory panel member has resigned following the US Food and Drug Administration's approval of an Alzheimer's disease drug.

Novavax Finds Its Vaccine Effective

Reuters reports Novavax's SARS-CoV-2 vaccine is more than 90 percent effective in preventing COVID-19.

Can't Be Used

The US Food and Drug Administration says millions of vaccine doses made at an embattled manufacturing facility cannot be used, the New York Times reports.

PLOS Papers on Frozen Shoulder GWAS, Epstein-Barr Effects on Immune Cell Epigenetics, More

In PLOS this week: genome-wide association study of frozen shoulder, epigenetic patterns of Epstein-Barr-infected B lymphocyte cells, and more.