Amgen’s $3.7bn ChemoCentryx Buy May Help Offset Growing Pains

Big Biotech’s Q2 Revenue Was 1% Above Consensus

Aug 05 2022

• By Mandy Jackson

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Amgen is acquiring a pipeline-in-a-pill with ChemoCentryx’s Tavneos, currently approved for ANCA-associated vasculitis, at a time when the company’s existing portfolio is struggling to maintain sales growth.

Amgen believes it can more rapidly grow ChemoCentryx's Tavneos sales • Source: Shutterstock

Several hours before its second quarter earnings call, Amgen, Inc. announced that it has agreed to buy ChemoCentryx, Inc. for $52 per share, or $3.7bn, in cash. The acquisition is important for Amgen as it looks for new sources of growth and, although the company had a good Q2, it helped draw attention from recent R&D setbacks, a maturing portfolio and a potential tax overhang.

The ChemoCentryx acquisition was welcome news given declining sales for Amgen’s current off-patent blockbusters, like Neulasta (pegfilgrastim) and Aranesp (darbepoetin...

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