Amgen Teams Up to Develop Drugs

Thousand Oaks biopharmaceutical company Amgen will develop experimental drug compounds to treat autoimmune diseases currently in the works by Predix Pharmaceuticals Inc. Predix, based in Massachusetts, and Amgen will collaborate to develop existing Predix preclinical compounds. Amgen will be then be charged with clinical development and commercialization of the potential products. In exchange, Amgen will pay Predix $20 million upfront, plus as much as $287.5 million as the product moves through the approval process. Predix will also receive some royalties.