As per reports, Amgen Inc. (AMGN) has reached an agreement to acquire Rodeo Therapeutics Corporation, a Seattle-based privately-held biopharmaceutical company that develops small-molecule therapies focused to promote the repair and regeneration of multiple tissues.
As per the terms of the deal, Amgen is to acquire all outstanding shares of Rodeo for a $55 million upfront payment as well as future contingent milestone payments worth an additional $666 million in cash. Rodeo’s 15-PGDH program is a significant strategic fit with Amgen’s inflammation portfolio to develop first-in-class therapeutics for patients.
“The enzyme 15-PGDH plays a key role in many disease-relevant processes such as stem cell self-renewal and epithelial barrier repair. Given the encouraging preclinical data to date, we are excited about the opportunity to develop a novel therapy with potential in a range of important inflammatory disease indications,” stated Raymond Deshaies, Ph.D., senior vice president of Global Research at Amgen.
Thong Q. Le, president, and chief executive officer of Rodeo commented, “We are thrilled that Amgen recognizes the potential value and differentiated profile of our 15-PGDH inhibitor program. With decades of experience in developing, manufacturing, and commercializing innovative therapies for patients suffering from a broad range of immunologic diseases and conditions, Amgen is ideally positioned to rapidly advance our program into the clinic.”
Cooley LLP served as legal advisor to Rodeo and Gunderson Dettmer LLP served as legal advisor to Amgen for the deal.
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