Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 10.30.2014
    Veteran finance writer Jonathan Chevreau discusses investing in Canada and why the word “retirement” needs to be retired.
  • MarketFoolery 10.29.2014
    Fool Australia analyst Matt Joass discusses the investing landscape in Australia, “ghost cities” in China, and how American brands are viewed Down Under.
  • MarketFoolery: 10.28.2014
    The price of oil is dropping.  We analyze the best opportunities in oil stocks right now, plus the latest results from Twitter and Buffalo Wild Wings.  
Capital Business
Posted at 11:53 AM ET, 01/26/2012

Rockville-based Micromet agrees to $1.16 billion buyout

Rockville-based Micromet, a biopharmaceutical firm that creates antibody-based cancer treatments, has agreed to be purchased for $1.16 billion by Amgen, a biotechnology company headquartered in Thousand Oaks, Calif.

The sale price equates to $11 a share, a 33 percent premium over the company’s closing price on Wednesday. The deal has been approved by the boards of directors at both companies.

The main drug in Micromet’s development pipeline, called blinatumomab, aims to treat patients with acute lymphoblastic leukemia, a progressive form of cancer. The drug is currently in a Phase II trial for that disease and being tested as a possible treatment for others, including non-Hodgkin’s lymphomas.

“Amgen’s extensive resources and experience in the development and commercialization of biologics promise to speed blinatumomab’s path to market, expand its development across a broader range of B-cell malignancies and maximize the full potential of our novel BiTE technology,” Christian Itin, Micromet’s president and chief executive, said in a statement.

The transaction is expected to close in the first quarter, the companies said in a statement. Amgen is advised by Moelis & Co. and Sullivan & Cromwell. Micromet sought financial and legal advice from Goldman, Sachs & Co. and Cooley, respectively.

By  |  11:53 AM ET, 01/26/2012

 
Read what others are saying
     

    © 2011 The Washington Post Company