ChemoCentryx soars 109% as Amgen agrees to buy for $3.7B in cash
Aug. 04, 2022 8:44 AM ETAmgen Inc. (AMGN)AMGNBy: Dulan Lokuwithana, SA News Editor8 Comments
- Amgen (NASDAQ:AMGN) has agreed to buy ChemoCentryx (CCXI), a drug developer focused on autoimmune disorders, for $3.7B in cash, the companies announced on Thursday in an emailed statement.
- After a brief trading pause, ChemoCentryx (CCXI) shares jumped ~109% following the news. Amgen (AMGN) is trading flat.
- Per the terms, Amgen will pay $52 per share in cash to acquire ChemoCentryx (CCXI), implying~116% premium to its last close.
The deal is expected to close in 4Q 2022, subject to approval of ChemoCentryx (CCXI) shareholders and regulators.
- “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,” Amgen (AMGN) Chief Executive Robert Bradway remarked.
- With the acquisition, the pharma giant eyes Tavneos, ChemoCentryx’s (CCXI) only commercialized treatment. The FDA approved the oral therapy in Oct. 2021 for a group of autoimmune diseases called ANCA-associated vasculitis that cause inflammation of the blood vessels.