Jenssen Biotech, a biopharmaceutical company, acquired BeneVir Biopharma, a privately-held biotechnology company developing oncolytic immunotherapies for the treatment of cancer, from HC2 Holdings, a diversified holding company, for up to $1.04bn. Under the terms of the agreement, Janssen will make an upfront cash payment of $140m at closing of the transaction, plus additional contingent payments of up to $900m based on achievement of certain predetermined milestones. The total amount of all payments could exceed $1bn if all milestones are met. "We are delighted to add the scientific caliber of the BeneVir team and their oncolytic immunotherapy platform to Janssen’s robust immuno-oncology efforts," said Mathai Mammen, M.D., Ph.D., Global Head, Janssen Research & Development, LLC. "We are committed to pursue transformational science from our own laboratories and those of others, as we continue to advance our focus on treating some of the world’s most devastating diseases."