Amgen Gears Up To Own Worldwide Rights Of Otezla®

By John Heerdink LinkedIn

Reportedly, Amgen (AMGN) has entered in an agreement with Celgene Corporation (CELG) to acquire the worldwide rights of the only oral, a non-biologic treatment for psoriasis and psoriatic arthritis, Otezla. The acquisition is set to proceed for an amount of $13.4 billion in cash, or approximately $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits. Otezla is currently approved in more than 50 markets outside the U.S., including the European Union and Japan with patent exclusivity till at least 2028 in the U.S. Otezla generated sales of $1.6 billion in 2018 and Amgen expects Otezla to grow through global expansion and expects at least low double-digit sales growth on average for the next five years.

“The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and p.soriatic arthritis that fits squarely within our portfolio and complements our Enbrel® and AMGEVITA®brands,” ,”We will take advantage of our 20 years of experience in inflammatory disease to realize the full global potential of Otezla as an affordable option for patients with these serious, chronic inflammatory conditions,” stated Robert A. Bradway, chairman and chief executive officer at Amgen.

Dyal Co. LLC to serve as the lead financial advisor and Goldman Sachs & Co as a financial advisor for Amgen. Sullivan & Cromwell LLP to serve as legal advisor to Amgen. Amgen hosted an investor call on the matter on Monday, Aug. 26 at 5 a.m. PT including its Chairman & CEO, Robert A. Bradway, and other senior management members. The archived version of the webcast to be made available for replay for at least 90 days on  Amgen’s website at www.amgen.com, under Investors.

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Amgen To Acquire Otezla® For $13.4 Billion In Cash, Or Approximately $11.2 Billion Net Of Anticipated Future Cash Tax Benefits

THOUSAND OAKS, Calif., Aug. 26, 2019 /PRNewswire/ — Amgen (NASDAQ: AMGN) announced today that it has entered into an agreement with Celgene Corporation…..

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