MedCity News July 27, 2021
Amgen is paying $900 million up front to acquire Teneobio, a biotech with technology for discovering and developing antibody drugs. Though Amgen already has its own antibody platform, the company says Teneobio’s technology and drug assets will complement its own.
Amgen already has an antibody platform, technology that has yielded drugs that have gone on to secure FDA approval as well as more therapeutic candidates still in the pipeline. But in Teneobio, Amgen sees an attractive alternative technology for antibody drug discovery and development, and the pharmaceutical giant has agreed to pay $900 million to acquire the entire company.
The cash sum is an upfront payment. According to deal terms announced after the market close Tuesday, Teneobio shareholders could earn...
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