ChemoCentryx Shares Soar Premarket on Amgen Takeover Deal
August 04 2022 - 9:12AM
Dow Jones News
By Colin Kellaher
Shares of ChemoCentryx Inc. took flight in premarket trading
Thursday after the biotechology company agreed to be acquired by
larger peer Amgen Inc. for $3.7 billion in cash.
Amgen said it will pay $52 a share of ChemoCentryx, more than
double Wednesday's closing price of $24.11 for the San Carlos,
Calif., company.
The deal, slated to closed by the end of the year, bolsters
Amgen's pipeline of cancer and immune drugs with the addition of
ChemoCentryx's Tavneos, which last year won U.S. Food and Drug
Administration approval for a rare immune-system disease.
In premarket trading Thursday, ChemoCentryx shares were changing
hands at $50.45, up about 109%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 04, 2022 08:57 ET (12:57 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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