Drugmaker Merck says it has bought a Swiss biotech company developing cancer drugs as part of its strategy to be a top player in cancer. Merck & Co., based in Kenilworth, N.J., will pay up to $110 million upfront to OncoEthix. The privately held company could receive further payments of up to $265 million if it meets testing targets.

The deal gives Merck ownership of an experimental treatment called OTX015 that could be the first in a new class of drugs that block proteins involved in cancer cell growth. It demonstrated effectiveness in early-stage testing, and OncoEthix last month began initial patient testing against five different types of solid tumors.

- Associated Press