Just a couple weeks ago, Amgen contracted with Boehringer Ingelheim to take over their Fremont, California location so all employees will now report to Boehringer Ingelheim, which has it headquarters in Germany. BioVex is working on a new approach to treating melanoma and head and neck cancer and the price Amgen is paying is close to a Billion. BioVex is currently enrolling patients into Phase 3 trials.
Here we see a bit of the west coast-east coast acquisition actions with Amgen in California and BioVex located in Massachusetts. With the Fremont facility now part of another company, perhaps this was part of the over all plan? BD
THOUSAND OAKS, Calif. and WOBURN, Mass., Jan. 24, 2011 /PRNewswire/ -- Amgen (Nasdaq: AMGN) and Group, Inc. today announced that the companies have entered into a definitive acquisition agreement under which Amgen has agreed to acquire BioVex Group, Inc., a privately held, venture-funded, biotechnology company headquartered in Woburn, Mass. BioVex is developing OncoVEX(GM-CSF), a novel oncolytic vaccine in Phase 3 clinical development, that may represent a new approach to treating melanoma and head and neck cancer.
Under terms of the agreement, Amgen will pay up to $1 billion: $425 million in cash at closing and up to $575 million in additional payments upon the achievement of certain regulatory and sales milestones. The transaction has been approved by the boards of directors of each company. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2011. Following the completion of the transaction, BioVex will become a wholly owned subsidiary of Amgen.