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Amgen acquires Abgenix for $2.2B

THOUSAND OAKS, Calif., Dec. 14 (UPI) -- Amgen said Wednesday it has bought Abgenix and Abgenix's anti-cancer drug panitumumab for $2.2 billion.

Amgen also will assume Abgenix's debt and the company's shareholders will receive $22.50 in cash per common share.

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The companies plan to later this week file a BLA for panitumumab for the treatment of metastatic colorectal cancer patients who have failed standard chemotherapy.

Amgen anticipates panitumumab could bring in peak worldwide sales of $2 billion or more. The deal also eliminates a tiered royalty that Amgen would have been required to pay to Abgenix on future sales of denosumab.

"Amgen has been intimately involved in all aspects of the development and commercialization of panitumumab over the last few years, providing us with substantial and realistic insight into the value of, and significant opportunities for, this cancer therapeutic," said Kevin Sharer, president and chief executive officer of Amgen.

"This investment reflects Amgen's commitment to our pipeline and our growing confidence in the future success of both panitumumab and denosumab," Sharer added.

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