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ChemoCentryx Stock Surges 100% As Amgen Agrees To Buy TAVNEOS Developer

Shares of ChemoCentryx, Inc. (CCXI) are gaining over 100% on Thursday morning after Amgen (AMGN) announced deal to buy the TAVNEOS developer in a $3.7 billion cash deal.

CCXI is currently trading at $50.25, up $26.14 or 108.42%, on the Nasdaq, on a volume of 26 million shares, above average volume of 1.3 million. The stock opened its trading at $50.25 after closing Wednesday's trading at $24.11. The stock has traded between $13.11 and $50.59 in the past 52-week period.

Amgen agreed to acquire ChemoCentryx for $52 per share in cash, representing an enterprise value of around $3.7 billion.

The transaction has been unanimously approved by each company's board of directors. The acquisition is subject to ChemoCentryx stockholder approval, regulatory approvals and other customary closing conditions.

ChemoCentryx is focused on orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer

The acquisition includes TAVNEOS (avacopan), a first-in-class medicine for patients with serious autoimmune disease.

TAVNEOS is an orally administered selective complement component 5a receptor inhibitor. It was approved by the U.S. Food and Drug Administration in October 2021 as an adjunctive treatment for adult patients with severe active ANCA-associated vasculitis, specifically granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA), in combination with standard therapy.

U.S. sales of TAVNEOS in the first quarter of 2022, the first full quarter of sales, were $5.4 million. TAVNEOS is also approved in major markets outside the U.S., including the European Union and Japan.

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