Report: Amgen Looking for $10 Billion Acquisition

According to media reports, Amgen Inc. is in the hunt to acquire a biotech company worth about $10 billion. The Financial Times reported Monday that an unnamed source at the Thousand Oaks biotech is assessing acquisition targets with late-stage drugs that are almost commercial-ready. In 2013, Amgen struck a similar deal when it purchased Onyx Pharmaceuticals Inc. for about $10 billion. Under the agreement, the company acquired the rights to Kyprolis, a cancer drug used to treat multiple myeloma. The acquisition proved very successful as Kyprolis sales skyrocketed after its approval by the Food and Drug Administration in 2014. “They’re taking a lot of comfort from the Onyx acquisition,” said the unnamed source to the Financial Times. The publication did not hypothesize potential acquisition targets. Amgen shares closed down 83 cents or less than 1 percent to $159.63 on the Nasdaq.