Genentech's early-stage RQx deal marks third 2013 venture exit for Avalon

With the signing of a drug discovery collaboration for broad-spectrum small molecule antibiotics between RQx Pharmaceuticals and Roche's Genentech that's worth up to $111 million plus royalties, Avalon Ventures has signed its third deal this year that allows the San Diego-based venture capital firm to exit an early-stage investment.