Amgen Completes Acquisition of Abgenix
News Apr 04, 2006
Amgen has announced the completion of the acquisition of Abgenix, Inc., a company specializing in the discovery, development and manufacture of human therapeutic antibodies.
Final regulatory approvals were received in January and Abgenix stockholders overwhelmingly approved Amgen's acquisition of the company during a special meeting held on March 29, 2006.
"Our supportive care products have helped more than six million patients with many different cancers fight their disease. The completion of this acquisition underscores our commitment to therapeutic oncology and our confidence in both panitumumab and denosumab," said Kevin Sharer, chairman and chief executive officer of Amgen.
"We welcome the Abgenix staff into our organization and are confident that our combined manufacturing expertise and expanded capacity will help ensure that we can deliver panitumumab to every patient, every time, following FDA approval. I'd like to thank the Abgenix staff and executive team for their hard work, dedication and continued commitment during this important transition."
Amgen is acquiring Abgenix for a total cash consideration of approximately $2.2 billion plus assumed debt. Pursuant to the merger agreement announced on December 14, 2005, Amgen will pay stockholders of Abgenix $22.50 in cash per share of common stock held at the closing.
Funds will be provided from Amgen's cash on hand at the time of closing. Amgen expects dilution of adjusted earnings per share in 2006 and 2007 in the range of $0.05 to $0.10, with impact to adjusted earnings per share expected to be accretive thereafter, assuming commercial success of panitumumab.