Amgen to buy ChemoCentryx for $3.7 billion (updated)

Churchill Capital XI

04/08/2022 13:15

(Adds details on deal)
    Aug 4 (Reuters) - Amgen Inc  AMGN.O  said on Thursday it
would buy ChemoCentryx Inc  CCXI.O  for $3.7 billion to gain
access to the company's anti-inflammation drug. 
    Amgen will pay $52 per share in cash, which represents a
premium of nearly 116% to ChemoCentryx's closing price on
Wednesday. 
    ChemoCentryx makes Tavneos, a drug approved to treat
patients with a rare form of blood vessel inflammation. The
therapy brought in sales of $5.4 million in the first full
quarter since its launch.
    The company has three drugs in early-stage trials to treat
inflammatory diseases and is also developing a cancer drug.     

 (Reporting by Manas Mishra in Bengaluru; Editing by Aditya
Soni)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15;))