Amgen To Acquire Teneobio For $900 Mln

Amgen Inc. (AMGN) Tuesday said it has agreed to buy Teneobio, a privately acquired company, for $900 million.

Teneobio develops Human Heavy-Chain Antibiotics. This technology will help Amgen discover and develop new molecules that will treat a wide range of diseases which fall in Amgen's core therapeutic range.

The acquisition is also subject to future contingent milestone payments worth $1.6 billion. Amgen exercised it's right to acquire in June with the process to complete in the second half of 2021.

"Teneobio's antibody platform complements our existing capabilities and could potentially give us a more diverse set of building blocks that can be developed into new multispecific therapeutics. In addition, the availability of Teneobio's CD3 engager technology will allow us to broaden our capabilities in generating bispecifics and with our own technology, enable customization of the T cell engaging domain of the molecules depending on the disease and target," said David Reese, EVP of Research and Development at Amgen.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Privately-held biotechnology company On Target Laboratories, Inc. announce that the U.S. Food and Drug Administration or FDA, has approved Cytalux (pafolacianine) for adult patients with ovarian cancer as an adjunct for intraoperative identification of malignant lesions. Cytalux is the first targeted fluorescent imaging agent that illuminates ovarian cancer intraoperatively. The Federal Trade Commission or FTC has ordered Walmart, Amazon, Kroger and certain other large wholesalers and suppliers to provide information to help it study causes of supply chain disruptions. The agency has launched an inquiry to find the reasons for empty shelves and exorbitant prices. Along with Walmart, Amazon.com, and Kroger, the order has been sent to C&S Wholesale Grocers, Associated.. Covid vaccine maker Moderna Inc.'s Chief Executive Stéphane Bancel has predicted that existing COVID-19 vaccines will be much less effective against Omicron than earlier strains, according to the Financial Times.
Follow RTT