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Amgen to Acquire Teneobio for $900 Million Cash

Thousand Oaks-based Amgen Inc. announced Tuesday it will acquire private biotechnology company Teneobio in exchange for $900 million in cash.The agreement also includes future contingent milestone payments that will go to Teneobio equity holders worth up to an additional $1.6 billion in cash.The acquisition of Teneobio and its proprietary antibody technologies will enrich Amgen’s existing antibody capabilities. In addition to those capabilities, Amgen will also bolster its BiTE immuno-oncology platform with Teneobio’s T-cell engager platform.“The acquisition of Teneobio will strengthen our ability to develop innovative medicines to treat patients with serious illnesses and to bring to market best-in-class products, particularly with respect to multispecific and bispecific medicines directed against targets in a wide range of diseases across our core therapeutic areas,” Dr. David Reese, executive vice president of research and development at Amgen, said in a statement.The acquisition is expected to close in the second half of 2021 following regulatory approvals and customary closing conditions.Shares of Amgen (AMGN) closed down 40 cents to $244.68 on the Nasdaq Tuesday.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.
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