Onyx Pharmaceuticals has announced an agreement that allows Ono Pharmaceutical Company of Japan to develop and commercialise two of its anti-cancer compounds, carfilzomib and ONX 0912.

Ono gains exclusive rights to develop and commercialise both compounds for all oncology indications in Japan as part of the deal, worth approximately $59m.

Carfilzomib is a highly selective proteasome inhibitor, currently being evaluated in multiple clinical trials for the treatment of patients with multiple myeloma and other cancers. ONX 0912, an oral proteasome inhibitor, is currently in Phase I testing.

Onyx retains commercialisation rights in other countries in the Asia-Pacific region, as well as in all other regions.

The potential value of the transaction is estimated to exceed $300m, plus royalties.