Friday, November 22, 2019

Amgen Completes $13.4 Billion Acquisition Of Otezla

Thousand Oaks-based biotech giant Amgen said Thursday that it has successfully completed its acquisition of the worldwide rights to Otezla, from Celgene Corporation, in a deal that was worth $13.4 billion. Otezla is an oral, non-biologic treatment for moderate-to-severe plaque psoriasis and psoriatic arthritis. Amgen acquired Otezla as part of the merger of Celgene with Bristol-Myers Squibb Company. Amgen said that the deal will ultimately be worth approximately $11.2 billion after accounting for the present value of $2.2 billion in anticipated future cash tax benefits. Amgen also said the deal will push its total revenues for 2019 into the range of $23.1 billion to $23.3 billion.

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