Amgen to acquire Rodeo Therapeutics in $721m worth deal
Amgen has agreed to acquire Rodeo Therapeutics, a Seattle-based biopharma company, in a deal worth up to $721 million.
Rodeo Therapeutics is engaged in developing small-molecule therapies designed for promoting regeneration and repairing of multiple tissues.
The company’s lead 15-prostaglandin dehydrogenase (15-PGDH) modulators have produced compelling data in extensive preclinical studies and have clinical potential in various indications, said Amgen.
According to Amgen, Rodeo Therapeutics’ 15-PGDH program is a strong strategic fit with its inflammation portfolio.
Raymond Deshaies – senior vice president of Global Research at Amgen, commenting on Amgen acquisition of Rodeo Therapeutics, said: “The enzyme 15-PGDH plays a key role in many disease-relevant processes such as stem cell self-renewal and epithelial barrier repair.
“Given the encouraging preclinical data to date, we are excited about the opportunity to develop a novel therapy with potential in a range of important inflammatory disease indications.”
Amgen acquisition of Rodeo Therapeutics. Photo courtesy of Amgen Inc.
As per the terms of the deal, the pharma giant will buy all outstanding shares of Rodeo Therapeutics for an upfront payment of $55 million and contingent milestone payments in the future potentially worth up to $666 million in cash.
Commenting on Amgen acquisition of Rodeo Therapeutics, Thong Q. Le – president and CEO of Rodeo Therapeutics said: “We are thrilled that Amgen recognizes the potential value and differentiated profile of our 15-PGDH inhibitor program. With decades of experience in developing, manufacturing and commercializing innovative therapies for patients suffering from a broad range of immunologic diseases and conditions, Amgen is ideally positioned to rapidly advance our program into the clinic.”
Earlier this month, Amgen signed a deal worth around $1.9 billion to acquire clinical-stage biotech company Five Prime Therapeutics for adding the latter’s phase 3 ready gastric cancer candidate bemarituzumab. (Read more about Amgen acquisition of Five Prime Therapeutics here)