Amgen (AMGN) has entered into a definitive merger agreement, pursuant to which Amgen would acquire Micromet Inc. (MITI), a biotechnology company, for $11 per share in cash. The acquisition, valuing Micromet at nearly $1.16 billion, includes blinatumomab, a Bispecific T cell Engager or BiTE antibody in Phase 2 clinical development for acute lymphoblastic leukemia or ALL. Blinatumomab is also in clinical development for the treatment of non-Hodgkin's lymphoma, and could have applications in other hematologic malignancies.
Following the purchase of Micromet's shares through the tender offer, Amgen would complete the transaction by acquiring all remaining shares not acquired in the offer through a merger at the same price as the tender offer. The transaction, which was unanimously approved by both the Amgen and Micromet boards, may close in the first quarter.
Kevin Sharer, chairman and CEO at Amgen noted, "Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercializing therapeutics to treat patients with grievous illness."
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