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Amgen to Buy Micromet for More Than $1 Billion
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Amgen
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In pre-market trading, Micromet shares [MITI
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] leaped 33 percent, or $2.72, to $11. Over the past year, the stock has traded between $4.13 and $8.90.
Founded in Germany and based in Rockville, Md., Micromet is developing an experimental drug currently in mid-stage testing for leukemia. The treatment, called blinatumomab, is also in clinical development for the treatment of Non-Hodgkin's lymphoma.
Amgen said the purchase will give it access to proprietary antibody technology which provides a platform for future research. It will keep Micromet's research and development base in Munich, Germany.
Amgen's drugs include Neulasta, for reducing infections in chemotherapy patients, and denosumab, a bone-building drug marketed as Prolia, for treating osteoporosis in women, and in a different dosage as Xgeva, for preventing bone fractures in patients whose cancer has spread to bones.
The deal is the first one announced since Kevin Sharer announced in December he would retire as chief executive in May. Robert Bradway, president and chief operating officer, will succeed him as chief executive Amgen, based in Thousand Oaks, Calif., is scheduled to release its quarterly results after the market closes Thursday.
Amgen is being advised by Moelis & Co. and Sullivan & Cromwell. Goldman Sachs Group [GS
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] and Cooley are providing financial and legal advice, respectively, to Micromet.
In pre-market trading, shares of Amgen [AMGN
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] were slightly lower.
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