Amgen Inc AMGN has agreed to acquire privately-held Teneobio, a biotechnology company developing a new class of biologics called Human Heavy-Chain Antibodies.
- Amgen will pay $900 million cash while committing up to $1.6 billion in milestones. In addition, Amgen cited Teneobio’s “T-cell engager platform expands on Amgen’s existing position in bispecific T-cell engagers by providing a differentiated, but a complementary, approach to Amgen’s current BiTE platform.”
- Specifically, the acquisition gives Amgen a Phase 1 program for a drug dubbed TNB-585, a PSMA/CD3 bispecific T cell engager in development for castration-resistant prostate cancer.
- Amgen plans to line that one up alongside acapatamab (formerly AMG 160) and AMG 509 as a complementary therapy.
- Five months ago, Amgen stepped up to the M&A table and acquired Five Prime for $1.9 billion, following up with the smaller Rodeo acquisition for $55 million upfront.
- Price Action: AMGN shares closed at $244.68 on Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in