Top biotech co Amgen to buy Abgenix for $2.2bn- The Economic Times
Top biotech co Amgen to buy Abgenix for $2.2bn- The Economic Times


Top biotech co Amgen to buy Abgenix for $2.2bn
DEENA BEASLEY

REUTERS[ FRIDAY, DECEMBER 16, 2005 01:18:30 AM]
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LOS ANGELES: Amgen, the world’s largest biotechnology company, said on Wednesday that it plans to acquire Abgenix for about $2.2bn in cash, giving it full control of the cancer drug the two are developing. The news sent shares of both companies higher in after-hours trading.

If approved by regulators, the drug, called panitumumab, would be the first cancer treatment from Amgen. The company has billions of dollars in sales of products that treat anemia and other side effects of chemotherapy.

“Panitumumab was the key driver for this transaction,” Roger Perlmutter, head of research and development at Amgen, said on a conference call.


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