As per reports, Amgen Inc. (AMGN) will buy Five Prime Therapeutics Inc. for $1.9 billion in cash that will add new cancer therapies to the pharmaceutical giant’s pipeline. Amgen will pay $38 a share for Five Prime, the transaction is expected to close by the end of the second quarter.
South San Francisco-based Five Prime, focuses on developing drugs that prepare the immune system to fight tumors and other targeted cancer therapies. The deal will allow Amgen access to First Prime’s lead drug, an experimental treatment for a form of gastric cancer, bemarituzumab.
The acquisition “offers a compelling opportunity for Amgen to strengthen our oncology portfolio with a promising late-stage, first-in-class global asset to treat gastric cancer,” stated Robert Bradway, Amgen’s chief executive officer.
Goldman Sachs served as financial adviser to Amgen, and Sullivan & Cromwell LLP as its legal adviser. Lazard served as financial adviser to Five Prime and Cooley LLP as its legal adviser.
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