Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 12.18.2014
    Rite Aid soars. America runs away from Dunkin’ Brands.  And Oracle closes in on an all-time high. Plus we discuss investing opportunities in Cuba.
  • MarketFoolery: 12.17.2014
    Motley Fool Funds analyst Bill Barker breaks down the latest earnings reports from FedEx, Darden Restaurants and General Mills.  Plus we discuss the relative importance of analyst upgrades & downgrades.
  • MarketFoolery: 12.16.2014
    Motley Fool Funds analysts Tim Hanson and Nate Weisshaar analyze Russia’s rising interest rate and falling ruble.  Plus, they share insights (and travel tips) from their recent trips to South Korea and Brazil.
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