There are signs of life in the life sciences as once-stunned buyers come off the sidelines looking for products and licensing deals. At least that’s how the market looks to Cooley Godward Kronish partner Barbara Kosacz , whose client Proteolix Inc. agreed to be sold to Onyx Pharmaceuticals Inc. for $276 million in cash plus potential milestones that could bring the value to $851 million. The transaction was announced on Monday and is expected to close before the end of the year.
Kosacz said it seems that clients are trying to do a year’s worth of deals in the last quarter of 2009. Proteolix, a privately held company developing a blood cancer drug, is the first to close so far, and another five or six clients will probably sign before the end of the year, Kosacz said. Though those are likely to end up as partnering deals instead of all-out mergers, the activity is a sign that people are back in business, she said. “They look at their objectives for the year and realize they still need products.”
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