Reportedly, Amgen (AMGN) has successful completed its previously announced tender offer to purchase all outstanding shares of common stock of Five Prime Therapeutics for $38 per share in cash. Five Prime Therapeutics is a clinical-stage biotechnology company working on developing immuno-oncology and targeted cancer therapies.
Amgen will pay approximately $1.9 billion to complete the tender offer and the subsequent merger without giving effect to related transaction fees and expenses. The completion of the tender offer will follow Franklin Acquisition Sub, Inc., a wholly-owned subsidiary of Amgen, to be merged with and into Five Prime, with Five Prime surviving the merger.
“Five Prime fits squarely within Amgen’s leading oncology portfolio and includes bemarituzumab, a Phase 3 trial-ready, first-in-class program for gastric cancer, the third leading cause of cancer mortality worldwide. Working with the dedicated professionals joining us from Five Prime, we plan to quickly move bemarituzumab into a Phase 3 study, bringing it one step closer to helping patients suffering from gastric cancer,” stated Robert A. Bradway, chairman, and chief executive officer at Amgen.
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