Thursday, December 15, 2005

Amgen Acquires Abgenix

Thousand Oaks-based biotech firm Amgen said yesterday that it is acquiring Fremont-based Abgenix for $2.2B. Amgen said that it would pay $22.50 per share in cash of Abgenix stock. Abgenix is a developer of human therapeutic antibodies. Amgen said that it has previously been working with Abgenix on its pipeline product panitumumab, which is targeted at treatment of metastatic colorectal cancer. The companies said that later this week they expect to initiate a biologics license application (BLA) for the treatment of metastatic colorectal cancer patients who have failed standard chemotherapy. Amgen will also acquire 100,000 square feet of manufacturing space in Fremont, and Abgenix fully human monoclonal antibody technology, XenoMouse.

---