Amgen to acquire Micromet in US$1.2bn deal
Gains access to cancer treatment in Phase II trials
US biotechnology firm Amgen is to acquire Micromet for US$1.2bn, in a deal that would give it access to a novel cancer treatment.
Micromet is a biotechnology company founded in Germany with its research and development centre in Munich and headquarters in Rockville, MD, US.
The Munich site would operate as an Amgen R&D centre of excellence.
Amgen plans to pay $11 per share in cash. Both boards of directors have unanimously approved the transaction.
The acquisition includes blinatumomab, a Bispecific T cell Engager (BiTE) antibody in Phase II clinical development for acute lymphoblastic leukemia (ALL). Blinatumomab is also in clinical development for the treatment of non-Hodgkin's lymphoma (NHL), and could have applications in other haematologic malignancies.
‘The acquisition of Micromet is an opportunity to acquire an innovative oncology asset with global rights and a validated technology platform with broad potential clinical applications,’ said Kevin Sharer, Amgen’s chairman and ceo.
Amgen reported a dip in its 2011 fourth-quarter profit from US$1.02bn to US$934m (down 8.5%) as its expenses for taxes and for producing and selling drugs rose faster than its revenue. The firm’s quarterly revenue rose 3% to $3.97bn.
Micromet’s president and ceo Christian Itin said: ‘Amgen's extensive resources and experience in the development and commercialisation of biologics promise to speed blinatumomab's path to market, expand its development across a broader range of B-cell malignancies and maximise the full potential of our novel BiTE technology.’
The transaction is expected to close in the first quarter.
