European company Biovitrum acquired two cancer-related drugs from Amgen and was given an exclusive worldwide license to distribute a third drug. The deal between Thousand Oaks-based Amgen and Biovitrum included an upfront payment of approximately $130 million, consisting of $110 million in cash and shares of Biovitrum valued at $20 million. The transaction is expected to close by the end of 2008. The deal covers the purchase by Biovitrum of Kepivance, used to prevent mouth sores on patients undergoing chemotherapy; and Stemgen, used to increase stem cells in the blood of cancer patients. The worldwide license is for adult rheumatoid arthritis drug Kineret. Kineret, Kepivance and Stemgen generated combined sales of nearly $70 million in 2007. “We are pleased that Biovitrum, a trusted business partner, has agreed to take on these important medicines and plans to continue making them available to the patients who need them,” Amgen Chairman and CEO Kevin Sharer stated. “This deal will allow Amgen to focus its resources on developing new, innovative therapies for serious illnesses, and on expanding its core products to benefit more patients in markets around the world.”
