Amgen Buys Myeloma Drug

Amgen Inc. has acquired worldwide development and commercial rights for a phase-1 multiple myeloma drug from German pharmaceutical company Boehringer Ingelheim, the companies announced Thursday. BI 836908, now called AMG 420, is an anti-cancer therapy that was originally licensed to Boehringer by drug developer Micromet Inc. of Rockville, Md. prior to the acquisition of Micromet by Amgen in 2012. Under the conditions of the contract, Amgen in Thousand Oaks will collaborate with Boehringer to take over clinical development, manufacturing, regulatory activity and commercialization. Financial terms of the deal were not disclosed. “Multiple myeloma is a rare and aggressive blood cancer, and despite new advances, there is currently no cure,” Dr. Sean Harper, executive vice president of research and development at Amgen, said in a statement. “BI 836908 (AMG 420) allows us to explore a potential new treatment approach that harnesses the immune system to fight multiple myeloma.” Amgen shares closed down 1 cent, or a fraction of a percent, to $170.13 on the Nasdaq.