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Amgen gets approval for $2.2bn Abgenix deal

Date published: 20/01/2006

Amgen has received US anti-trust approval for its plan to buy Abgenix. The US Federal Trade Commission gave the go-ahead to the $2.2 billion deal that will give Amgen full control of the cancer treatment panitumumab, which the two companies were developing in collaboration. Amgen first announced its plans to buy Abgenix in December.

Kevin Sharer, president and chief executive of Amgen said at the time: "Abgenix is a natural strategic fit for Amgen given our strong existing relationship. Amgen has been intimately involved in all aspects of the development and commercialisation of panitumumab over the last few years, providing us with substantial and realistic insight into the value of, and significant opportunities for, this cancer therapeutic.

"This investment reflects Amgen's commitment to our pipeline and our growing confidence in the future success of both panitumumab and denosumab." Denosumab was produced using Abgenix's antibody technology and the deal eliminates royalties Amgen would have had to pay on its future sales.

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