Amgen (Nasdaq:AMGN) announced that it would purchase the San Carlos, California–based ChemoCentryx (Nasdaq:CCXI) for $52 per share in cash, which equates to a total of approximately $3.7 billion.
The centerpiece of the proposed acquisition is Tavneos (avacopan), which scored FDA approval last year for the adjunctive treatment of anti-neutrophil cytoplasmic antibody (ANCA)-associated vasculitis. The disease is associated with inflammation and damage to small blood vessels. Approximately 10,000 people in the U.S.are diagnosed with the condition annually.
U.S. sales of the drug in the first quarter of 2022 were $5.4 million.
Tavneos is an oral selective complement component 5a receptor inhibitor.
ChemoCentryx also has three early-stage drug candidates targeting chemoattractant receptors in other inflammatory diseases and an oral checkpoint inhibitor.
After announcing the plan, CCXI shares surged 109% to $50.38 in mid-day trading. AMGN shares held steady at around $247.00
The Amgen acquisition is subject to ChemoCentryx stockholder approval, regulatory approvals and other customary closing conditions.
The investor rights law firm Halper Sadeh announced that it would investigate whether the sale is fair to ChemoCentryx shareholders.
Halper Sadeh said it was concerned that ChemoCentryx violated federal securities laws or breached fiduciary obligations to shareholders.
Amgen and ChemoCentryx expect the deal to close by the end of the year.
Filed Under: Cardiovascular, Oncology
