Thursday, October 6, 2022
62.6 F
Oxnard
More

    Latest Posts

    The Road to Tyranny by Don Jans
    America on the Precipice Documentary

    Amgen to buy ChemoCentryx for $3.7B

    By

    Amgen was having a relatively quiet year on the mergers and acquisitions front, at least until Aug. 4, when the Thousand Oaks-based biotech firm announced it will purchase ChemoCentryx for nearly $3.7 billion.

    ChemoCentryx is a Silicon Valley biopharmaceutical company focused on orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer. It has one approved drug, Tavneos, a treatment for serious and rare autoimmune disorders, which topped $5 million in sales in its first quarter on the market.

    Amgen will pay $52 per share for ChemoCentryx, which trades publicly on the Nasdaq. Shares of the company closed at $24.11 on Aug. 3, which means Amgen is paying about a 110% premium. ChemoCentryx shares more than doubled after the deal was announced and were trading at a little above $50 by the afternoon of Aug. 4.

    Shares of Amgen were flat after the deal was announced, opening at $247 on Aug. 4 and trading within a dollar of that amount for most of the day.

    “The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with Tavneos, a transformative, first-in-class treatment for ANCA-associated vasculitis,” Robert A. Bradway, chairman and CEO at Amgen, said in a news release announcing the deal. “We are excited to join in the Tavneos launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need.”

    Continue reading at https://www.pacbiztimes.com/2022/08/04/amgen-to-buy-chemocentryx-for-3-7b/


    TELL YOUR FRIENDS ABOUT CITIZENS JOURNAL  Help keep us publishing –PLEASE DONATE

    - Advertisement -
    0 0 votes
    Article Rating
    Subscribe
    Notify of
    guest

    0 Comments
    Inline Feedbacks
    View all comments

    Latest Posts

    advertisement

    Don't Miss

    Subscribe

    To receive the news in your inbox

    0
    Would love your thoughts, please comment.x
    ()
    x