Amgen to Acquire Abgenix
THOUSAND OAKS, California—Amgen and Abgenix, Inc. (Fremont, California) have signed a definitive merger agreement under which Amgen will acquire Abgenix for approximately $2.2 billion in cash plus the assumption of debt. The acquisition of Abgenix provides Amgen with full ownership of one of its most important advanced pipeline products, panitumumab. The agent, which inhibits the epidermal growth factor receptor (EGFR), has shown significant improvement in progression-free survival for metastatic colorectal cancer patients who have failed standard chemotherapy (see ONI December 2005, page 14). Abgenix also brings to the merger its proprietary fully human monoclonal antibody technology, XenoMouse.
THOUSAND OAKS, CaliforniaAmgen and Abgenix, Inc. (Fremont, California) have signed a definitive merger agreement under which Amgen will acquire Abgenix for approximately $2.2 billion in cash plus the assumption of debt. The acquisition of Abgenix provides Amgen with full ownership of one of its most important advanced pipeline products, panitumumab. The agent, which inhibits the epidermal growth factor receptor (EGFR), has shown significant improvement in progression-free survival for metastatic colorectal cancer patients who have failed standard chemotherapy (see ONI December 2005, page 14). Abgenix also brings to the merger its proprietary fully human monoclonal antibody technology, XenoMouse.
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