Amgen has set to acquire Micromet, a biotechnology company founded in Germany with its research and development (R&D) center in Munich and headquarters in Rockville, Maryland., for $11 per share in cash. The transaction, which values Micromet at approximately $1.16 billion, was unanimously approved by both the Amgen and Micromet boards of directors.
The acquisition includes blinatumomab, a Bispecific T cell Engager (BiTE) antibody in phase 2 clinical development for acute lymphoblastic leukemia (ALL). Blinatumomab is also in clinical development for the treatment of non-Hodgkin's lymphoma (NHL), and could have applications in other hematologic malignancies.
Under the terms of the merger agreement, a subsidiary of Amgen Inc. will commence a tender offer to acquire all of the outstanding shares of Micromet's common stock at a price of $11 per share in cash. Following the purchase of shares through the tender offer, Amgen will 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 acquisition of Micromet is an opportunity to acquire an innovative oncology asset with global rights and a validated technology platform with broad potential clinical applications," said Kevin Sharer, chairman and CEO at Amgen. "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."
Through this acquisition, Amgen will gain the Blinatumomab, a BiTE antibody that has demonstrated encouraging single-agent activity in both adult and pediatric patients with ALL as well as adult patients with NHL, and is currently under investigation in five trials, two phase II trials for adult patients with relapsed/refractory ALL, phase 1/2 trial for pediatric patients with relapsed/refractory ALL, phase 2 trial for adult ALL patients with minimal residual disease (MRD) and phase 1 trial for adult patients with relapsed/refractory NHL.
"We believe that this transaction represents an attractive opportunity for Micromet, its stockholders and cancer patients," said Christian Itin, Micromet's president and CEO. "Amgen's extensive resources and experience in the development and commercialization of biologics promise to speed blinatumomab's path to market, expand its development across a broader range of B-cell malignancies and maximize the full potential of our novel BiTE technology."