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.

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.

Two of Avalon's transactions during the first six weeks of 2013 have been with Genentech, which has been on the lookout for early-stage technology. Genentech agreed to pay up to $187.5 million in upfront and milestone payments at the end of January to access the central nervous system-focused platform developed by the Avalon portfolio company Afraxis of San Diego (

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