Amgen to acquire Five Prime Therapeutics for $1.9B

By The Science Advisory Board staff writers

March 4, 2021 -- Amgen has agreed to acquire Five Prime Therapeutics for approximately $1.9 billion, adding Five Prime's pipeline of therapeutic antibodies to its oncology portfolio.

Five Prime's lead asset is bemarituzumab, an antifibroblast growth factor (FGF)/fibroblast growth factor receptor splice variant 2b (FGFR2b) antibody. The candidate targets FGFR2b, which is found to be overexpressed in approximately 30% of patients with nonhuman epidermal growth factor receptor 2 (non-HER2) positive gastric cancer, as well as other solid tumors. Results from a phase II clinical trial in advanced gastric or gastroesophageal junction cancer demonstrated clinically meaningful improvements in patients who received the treatment.

The acquisition of Five Prime also supports Amgen's strategy of expanding its presence in the Asia-Pacific region, where gastric cancer is particularly prevalent.

As part of the transaction, Amgen will receive a royalty percentage on future net sales in China ranging from the high teens to the low twenties from a preexisting co-development and commercialization agreement between Five Prime and Zai Lab.

The transaction is expected to close by the end of the second quarter of 2021. Under the agreement, Amgen will commence a tender offer to acquire all of the outstanding shares of Five Prime's common stock for $38 per share in cash.

Amgen to sponsor Golden Ticket award at BioLabs LA
Amgen is sponsoring a three-year Golden Ticket award at BioLabs LA at the Lundquist Institute in West Carson, CA, to support the development of new therapies,...
Amgen, Eli Lilly to scale up manufacturing of COVID-19 antibody therapies
Eli Lilly and Amgen will collaborate on global antibody manufacturing to significantly increase the supply capacity of Lilly's potential COVID-19 therapies.
Provention Bio, Amgen begin mAb trial for celiac disease
Provention Bio has begun a phase IIB study of PRV-015, an anti-interleukin-15 monoclonal antibody (mAb), in adult patients with nonresponsive celiac disease....

Copyright © 2021

Science Advisory Board on LinkedIn
Science Advisory Board on Facebook
Science Advisory Board on Twitter