Micromet Purchased by Amgen for Anti-Leukemia Drug

by Kathy Jones on  January 27, 2012 at 8:43 PM Drug News   - G J E 4
The German-American cancer research firm Micromet is being taken over by biotech giant Amgen, thus giving it access to Micromet's promising leukemia therapy.
 Micromet Purchased by Amgen for Anti-Leukemia Drug
Micromet Purchased by Amgen for Anti-Leukemia Drug

Amgen said it would pay $1.16 billion for Micromet, founded by a team of German scientists to tap the potential of T-cell therapies to fight cancer.

The company, based in Rockville, Maryland, has developed blinatumomab, a T-cell based treatment for acute lymphoblastic leukemia and possibly non-Hodgkin's lymphoma that is still undergoing testing.

"Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercializing therapeutics to treat patients with grievous illness," Amgen chief executive Kevin Sharer said in a statement.

The deal is worth $11 a share to Micromet shareholders. The Nasdaq-listed company's price jumped 31.9 percent to $10.92 after the announcement.

California-based Amgen's share price fell 1.4 percent to $68.25.

Source: AFP

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
Notify me when reply is posted I agree to the terms and conditions

You May Also Like

View All