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Innoven Partenaires announces the acquisition of  BioVex by Amgen, company of its portfolio for an amount that could reach US$1 billion 

Paris, January 27^th 2011 - Innoven Partenaires announces that Amgen (NASDAQ: AMGN) and BioVex, have entered into a definitive acquisition agreement where Amgen has agreed to acquire BioVex Group, Inc., a privately held biotechnology for an amount that could reach US$1 billion. It is one of the biggest exits in the biotech industry financed by Private Equity Funds. The Funds managed by Innoven Partenaires expect to collect more than US$50 million.

An historic exit in the biotech industry

The transaction has been approved by the boards of directors of each company. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2011. Under terms of the agreement, Amgen will pay up to US$1 billion; US$425 million in cash at closing and up to US$575 million in additional payments upon the achievement of certain regulatory and sales milestones. Following the completion of the transaction, BioVex will become a wholly owned subsidiary of Amgen.

BioVex is a privately held biotechnology company that is developing a new class of potent biologics for the treatment of cancer. Its lead product candidate, OncoVEXGM-CSF is a first in class oncolytic vaccine that may prove to be a paradigm shifting approach to treating melanoma and other solid tumors, as well as a vaccine for genital herpes.

“OncoVEXGM-CSF has demonstrated encouraging anti-tumor activity in clinical studies for the treatment of melanoma and head and neck cancer. BioVex is currently enrolling patients into pivotal phase 3 trials in both indications,” said Roger M. Perlmutter, M.D., Ph.D., Amgen’s Executive Vice President, Research and Development. “Amgen is particularly excited about joining with BioVex and its talented staff to focus on advancing this late-stage investigational therapy, with the hope of bringing it to market within the next few years.” 

“Amgen is ideally positioned to leverage the potential of OncoVEX in multiple solid tumor indications given their impressive oncology franchise and expertise in biologics manufacturing and development”, said Philip Astley-Sparke, Chief Executive Officer of BioVex. “We have a shared vision and commitment to bring novel therapeutics to market and we are looking forward to being able to combine our efforts towards this common goal.” 

 

Great perspectives for Innoven Partenaires portfolio

The Funds managed by Innoven Partenaires expect to collect more than US$ 50 million. It is one of the biggest exits in the biotech industry, financed by Private Equity Funds. Innoven Partenaires entered the capital of the company in 2004, and holds now more than 5% of it. As BioVex is represented in almost the totality of Innoven Partenaires Funds, this successful exit will contribute appreciably to the increase of the portfolio valorizations of December 31^st, 2010.

Innoven Partenaires

Dr Walter Meier, President of the Managing Board of Innoven.

Thomas Balland, Investment Director.

 

About Innoven Partenaires

Innoven Partenaires is a recognized pan-European actor of the Private Equity market. Created in 1997 and specialized in the management of FCPI Funds (Fonds communs de placement dans l’innovation), Innoven Partenaires raised 200 million Euros through 18 FCPI and now manages 24 companies. Its international and proactive investment strategy gives Innoven Partenaires a unique profile on the market.

The Innoven Partenaires investment team leans on the human and financial resources of its majority shareholder: the BT&T Group, company specialized in the management of investments in international growth companies.

About BioVex

BioVex is a privately held biotechnology company based in Woburn, Mass. where it also has an operational commercial scale manufacturing facility. The Company is developing a new class of potent

biologics for the treatment of cancer and prevention of infectious disease. In addition to   OncoVEXGMCSF, the Company has a second development program, ImmunoVEXHSV2 a vaccine for genital herpes that is undergoing clinical testing in the United Kingdom. www.biovex.com

 About OncoVEXGM-CSF

OncoVEXGM-CSFis a first in class therapeutic cancer vaccine with both oncolytic and immunomodulatory activities. BioVex believes OncoVEXGM-CSFhas the potential to become a leading standard of care in the treatment of many solid tumors based on the strength of clinical data so far generated coupled with the relatively benign side effect profile noted to date. Previous clinical trials have enrolled patients with breast cancer, melanoma, head and neck cancer and pancreatic cancer, with indications of clinical activity being observed in each. BioVex is currently conducting a Phase 3 study in metastatic melanoma (the OPTiM study) following achieving an unprecedented proportion of durable complete remissions in a Phase 2 study using OncoVEXGM-CSFas a standalone therapy. A second Phase 3 study in Head & Neck cancer commenced in December 2010. www.biovex.com

About Amgen

Amgen discovers, develops and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science’s promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, and other serious illnesses. With a broad and deep pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people’s lives. www.amgen.com

 Press relations Agence Wellcom

Anne-Stéphanie Noirot / Marie Réveillé / Camille Petit
asn@wellcom.fr / mr@wellcom.fr / cpe@wellcom.fr

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