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)

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