Amgen (NASDAQ:AMGN) and Teneobio, a privately held, clinical stage biotechnology company developing a new class of biologics called Human Heavy-Chain Antibodies, announced an agreement wherein the former will acquire the latter.
Under agreement terms, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a $900M upfront cash payment, as well as future contingent milestone payments to Teneobio equity holders potentially worth up to an additional $1.6B in cash.
The acquisition includes Teneobio's proprietary bispecific and multispecific antibody technologies complementing Amgen's existing antibody capabilities; will also add TNB-585, a Phase 1 bispecific T cell-engager for the treatment of metastatic castrate-resistant prostate cancer and several preclinical oncology pipeline assets with the potential for near-term IND filings.
Prior to close of the Amgen acquisition, three Teneobio affiliates will be spun-off to Teneobio's existing equity holders: TeneoTwo (anti-CD19/CD3), TeneoFour (anti-CD38 enzyme inhibitor) and TeneoTen (anti-HBV/CD3).