Amgen Inc. (AMGN) said nearly 84% of the shares of biotechnology company Micromet Inc. (MITI) have been tendered to its $1.16 billion takeover offer, meeting all the conditions for the acquisition to close.
As of the offering's expiration Thursday, about 80 million Micromet shares had been tendered and not withdrawn. An added 3.15 million shares have been tendered by guaranteed delivery.
A subsequent offering period is scheduled to expire at 12:00 a.m. EST, at the end of March 6.
Amgen launched its bid to acquire Micromet in January with an aim to strengthen Amgen's cancer-drug research pipeline.
A Delaware judge declined to block Amgen's purchase of Micromet, the Associated Press reported Thursday. A group of Micromet shareholders had argued that Micromet didn't try hard enough to get a better offer, and sought a preliminary injunction. The judge found that the shareholders didn't show a reasonable likelihood that they would successfully prove their claims, the AP reported.
Amgen shares closed at $67.59 Thursday and were inactive premarket. The stock is up 32% in the past 12 months.
-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; firstname.lastname@example.org