THOUSAND OAKS, Calif. (AP) — 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.