The billion dollar spinout

Biovex was founded in 2000 by Robert Coffin, a former UCL researcher who is now its Chief Technology Officer.  BioVex established commercial headquarters and its own manufacturing facility in Woburn, Massachusetts in 2005, although its R&D activities remain in the UK.  The company has two oncology biologics in clinical development, one of which is in two Phase III trials in head and neck cancer and melanoma following encouraging results in Phase II.

The company was acquired by NASDAQ-listed Amgen for a price of up to $1 billion in an all-cash deal, which is said to be one of the world’s largest ever exits for a venture-backed biotechnology company.  Amgen is paying $425 million upfront, with a further $575 million to come on reaching some clinical and regulatory milestones.

Biovex has been through six private rounds of investment, most recently in November 2009 when it raised $70 million in a round led by long-term investor Forbion Capital Partners.  The only UK investor in Biovex was Scottish Equity Partners, which first invested in 2003.

Posted on Friday, 11 March 2011 under Company News

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