Amgen to buy Tularik for $1.3bn
Tularik, from South San Francisco, a pioneer in drug discovery related to cell signalling and the control of gene expression, will become a wholly-owned subsidiary of Amgen, the world's largest biotechnology company, following agreement over $1.3bn merger talks.
Tularik, from South San Francisco, a pioneer in drug discovery related to cell signalling and the control of gene expression, will become a wholly-owned subsidiary of Amgen, the world's largest biotechnology company, following agreement over $1.3bn merger talks.
Amgen said that the acquisition 'will combine Amgen's leadership in cellular and molecular biology and medicinal chemistry with Tularik's innovation in gene regulation'.
It will also accelerate Amgen's planned expansion into the San Francisco Bay area, a major biotechnology hub. The transaction is expected to close in the second half of 2004.
'Amgen is excited about combining with Tularik, a high-science company that is focused on grievous illnesses and that shares our culture,' said Kevin Sharer, chairman and ceo of Amgen. 'Tularik's research engine is a rare asset and a great strategic fit.'
Upon the closing of the transaction, Dr Goeddel will become site head of Amgen San Francisco, overseeing its research projects on an ongoing basis as well as assisting in the strategic direction of Amgen's pipeline.
Dr David Goeddel, founder and ceo of Tularik said: 'We built Tularik to improve patients' lives through the creation of novel and superior medicines that regulate gene expression.
'Amgen supports this mission and the combination will allow Tularik researchers to continue with the additional benefit of access to Amgen's global r&d.'
As a result of this acquisition Amgen will add Tularik's five novel clinical programmes including potential treatments for cancer (hepatocellular, gastric and esophageal) as well as potential treatments for inflammatory diseases, type 2 diabetes and obesity.