Onyx Pharma to Buy Proteolix

Onyx Pharmaceuticals has agreed to buy Proteolix Inc, a cancer drug developer. The deal is potentially worth $851 million. Onyx will pay $276 million upfront now for Proteolix. It will pay another $40 million if one of their drugs, Carflizomib, develops properly and then another $535 million if the drug is approved in the U.S. and Europe. The deal is expected to close sometime during the fourth quarter.