Amgen to Acquire Teneobio for $900 Million Cash

Thousand Oaks-based Amgen Inc. announced Tuesday it will acquire private biotechnology company Teneobio in exchange for $900 million in cash.The agreement also includes future contingent milestone payments that will go to Teneobio equity holders worth up to an additional $1.6 billion in cash.The acquisition of Teneobio and its proprietary antibody technologies will enrich Amgen’s existing antibody capabilities. In addition to those capabilities, Amgen will also bolster its BiTE immuno-oncology platform with Teneobio’s T-cell engager platform.“The acquisition of Teneobio will strengthen our ability to develop innovative medicines to treat patients with serious illnesses and to bring to market best-in-class products, particularly with respect to multispecific and bispecific medicines directed against targets in a wide range of diseases across our core therapeutic areas,” Dr. David Reese, executive vice president of research and development at Amgen, said in a statement.The acquisition is expected to close in the second half of 2021 following regulatory approvals and customary closing conditions.Shares of Amgen (AMGN) closed down 40 cents to $244.68 on the Nasdaq Tuesday.