The largest biotechnology company of the world named Amgen Inc. stated that it agreed to purchase Biovex, a closely held maker of experimental cancer drugs for four hundred and twenty five million dollars plus as much as five hundred and seventy five million dollars in milestone payments.

Biovex's major product, Oncovex, which is the experimental cancer vaccine, is in the final stages of testing which is essential for U. S. regulatory approval. The drug is for the treatment of a metastatic melanoma, a skin cancer. The drug also is being studied in head and neck cancer, as stated by the companies.

Kevin Sharer, the Chief Executive Officer stated that the company based in Thousand Oaks, California was in the midst of developing cancer drugs and would go for acquisitions to help the company grow. Buying Woburn, which is the Massachusetts-based Biovex's experimental drugs also, may come of help to Amgen for adding direct cancer therapy to its products. The drugs provide supportive care to cancer patients like the bone drug Xgeva.

OncoVex has shown encouraging anti-tumor activity in clinical studies for the treatment of melanoma and head and neck cancer, stated Roger M. Perlmutter, the executive vice president for research and development of Amgen. Amgen will now concentrate on advancing this late-stage investigational therapy, with the expectation of bringing it to market within the coming few years.

Amgen has announced as many as seven acquisitions in the last five years with an average disclosed size of two hundred sixty million and two hundred thousand dollars as shown by data which were compiled by Bloomberg. Biovex is the biggest, as shown by data.

The deal got its approval from the boards of directors of both companies. Amgen had $seventeen billion and four million dollars in cash and marketable securities, as of Dec. 31, as stated by the company, today.