Biomira expands its portfolio with ProlX buyout

Canada's Biomira has expanded its oncology portfolio with a deal to buy ProlX Pharmaceuticals for cash and stock worth a collective $23.9 million. Up to $15 million in additional Biomira stock will be paid for achieving certain milestones. The acquisition will give Biomira control of Stimuvax, a synthetic MUC1 peptide vaccine now in Phase III, and PX-12, a thioredoxin inhibitor which is headed into Phase II. Two more drugs and headed into the clinic in the next year and ProlX also held a number of preclinical drugs.

"The acquisition of ProlX is a transformative event for Biomira, expanding and diversifying our pipeline of cancer therapies in development," said Robert L. Kirkman, M.D., President and CEO. "The combined programs will give us products in several phases of clinical development directed against multiple targets, diversifying risk while retaining our focus on the treatment of solid tumors. This is a major step toward our goal of building a leading oncology franchise."

- see the release on the deal