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.”
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)