Amgen to Buy Teneobio; Deal Includes $900 Million Upfront, Potential Milestone Payments
July 27 2021 - 7:16PM
Dow Jones News
By Josh Beckerman
Amgen Inc. agreed to buy biotechnology company Teneobio for a
$900 million upfront cash payment, plus future contingent milestone
payments potentially valued at up to an additional $1.6
billion.
Teneobio is developing biologics called human heavy-chain
antibodies. The company's multi-specific antibodies "engage the
immune system against multiple disease types, including cancer,
autoimmune disorders and infectious diseases." Its antibody
discovery platform is based on UniRat, a "proprietary heavy-chain
only, human immunoglobulin transgenic rat."
Amgen said Teneobio's technology "will enable significant
acceleration and efficiency in the discovery and development of new
molecules," and its T-cell engager platform "expands on Amgen's
existing leadership position in bispecific T-cell engagers."
In June, AbbVie Inc. exercised its right to acquire TeneoOne
Inc., a Teneobio affiliate. Teneobio's investors have include
Lightspeed Venture Partners.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 27, 2021 19:15 ET (23:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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