In a major development for the Australian biotech sector, ASX-listed oncology drug developer, Viralytics, has been sold to US-based big pharma, Merck, for US$502 million.

As a former Director of Viralytics from 2008 – 2014, current Race Oncology Managing Director and CEO Peter Molloy said the result was an excellent outcome for its investors and points to a positive outlook for Race.

“The Viralytics sale to Merck demonstrates that Australian drug developers can create real value and successfully monetise that value in a trade sale that delivers high investor returns. This is exactly the model we have adopted at Race Oncology and we look forward to following in Viralytics’ successful footsteps.”

Race’s value growth pathway is to build named patient sales program while moving closer to FDA approval of Bisantrene.

Recently, Race’s two Bisantrene patents were granted ‘Notice of Allowance’, adding to the protection it already has under the US Orphan Drug Designation.

To read more about the Viralytics acquisition please click here.