Amgen (AMGN) Thursday said it has entered into a definitive agreement to acquire ChemoCentryx, Inc., (CCXI), a biopharmaceutical company, for $52 per share in cash, representing an enterprise value of around $3.7 billion.
In pre-market activity on Nasdaq, ChemoCentryx shares were gaining around 110 percent to trade at $50.62.
The transaction has been unanimously approved by each company’s board of directors. The acquisition is subject to ChemoCentryx stockholder approval, regulatory approvals and other customary closing conditions.
The deal is expected to close in the fourth quarter of 2022.
ChemoCentryx is focused on orally administered therapeutics to treat autoimmune diseases, inflammatory disorders and cancer
The acquisition includes TAVNEOS (avacopan), a first-in-class medicine for patients with serious autoimmune disease.
TAVNEOS is an orally administered selective complement component 5a receptor inhibitor. It was approved by the U.S. Food and Drug Administration in October 2021 as an adjunctive treatment for adult patients with severe active ANCA-associated vasculitis, specifically granulomatosis with polyangiitis (GPA) and microscopic polyangiitis (MPA), in combination with standard therapy.
U.S. sales of TAVNEOS in the first quarter of 2022, the first full quarter of sales, were $5.4 million. TAVNEOS is also approved in major markets outside the U.S., including the European Union and Japan.
In addition to TAVNEOS, ChemoCentryx has three early-stage drug candidates that target chemoattractant receptors in other inflammatory diseases and an oral checkpoint inhibitor for cancer.
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