Merck buys Swiss biotech
Merck has acquired Swiss biotech OncoEthix in a deal that could be worth up to $375 million, the drugmaker announced today. The privately held oncology company‘s lead product is OTX015, an oral brodomain inhibitor that is in early testing for treatment of blood cancers and solid tumors. Phase I testing of OTX015 in five different tumor types began in November 2014. Merck will dole out $110 million upfront with $265 million in additional payments contingent on hitting certain clinical and regulatory targets. OncoEthix was founded in 2009 and has since raised $30 million in venture capital funding.