Roche agreed to buy the rights from Spain's Oryzon Genomics to an experimental drug that's meant to switch on genes that block the growth of cancer, a new area in the crowded field of potential oncology therapies.

Roche will pay Oryzon $21 million up front and for meeting near-term targets, plus payments that may exceed $500 million if the drug meets other goals.

Roche will also pay royalties if the compound makes it to the market. Oryzon will consider opportunities in coming months for an initial public offering, including in the US, chief executive Carlos Buesa said.

The purchase gives Roche its first drug in human testing in the field of epigenetics, in which scientists try to change the way genes behave without altering the DNA itself. – ( Bloomberg )