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Amgen to Acquire Otezla to Bolster Inflammation Portfolio.

M2 EQUITYBITES-August 30, 2019-Amgen to Acquire Otezla to Bolster Inflammation Portfolio

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30 August 2019 - California, US-based biopharmaceutical company Amgen (NASDAQ: AMGN) has entered into an agreement with Celgene Corp. (NASDAQ: CELG) to acquire rights to Otezla (apremilast), an oral, non-biologic treatment for psoriasis and psoriatic arthritis for USD 13.4bn in cash, the company said.

The cash consideration of USD 13.4bn is approximately USD 11.2bn, net of the present value of USD 2.2bn in anticipated future cash tax benefits.

Amgen said the acquisition of Otezla offers a unique opportunity to provide patients an oral therapy for psoriasis and psoriatic arthritis that fits within the company's portfolio and complements its Enbrel and Amgevita brands.

Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics.

Amgen focusses on areas of high unmet medical need and leverages its expertise to strive for solutions that improve health outcomes.

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Publication:M2 EquityBites (EQB)
Date:Aug 30, 2019
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