The deal, which complements Amgen's antibody research capabilities across therapeutic areas, includes a portfolio of early-stage oncology assets, including a phase I bispecific antibody for patients with advanced prostate cancer. Also, it adds a heavy chain-only platform to Amgen's existing technology, allowing for a streamlined, sequence-based discovery approach for target binders. Furthermore, Teneobio's novel T-cell engager platform will expand on Amgen's existing position in bispecific T-cell engagers by providing a differentiated yet complementary approach to its current bispecific T-cell engager (BiTE) platform.

Under the terms of the deal, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for the upfront cash payment. Future contingent milestone payments to Teneobio equity holders are worth up to $1.6 million in cash. The acquisition is expected to close during the second half of 2021, according to the companies.