In a $420 million deal, Amgen has agreed to acquire Ilypsa, Inc., a private San Francisco Bay Area biotechnology company that develops renal care pharmaceutical products. The acquisition will turn Ilypsa into a wholly owned subsidiary of Amgen. The transaction, which will be paid in cash, is expected to close in the third quarter of 2007. The acquisition has been approved by both company’s boards of directors and Ilypsa’s shareholders. Ilypsa is currently developing non-absorbed drugs for renal disorders. Its leading drug candidate is ILY101, a non-absorbed polymeric agent that works by preventing the absorption of ingested phosphate. “Ilypsa and ILY101 are a strategic fit for Amgen’s nephrology portfolio and further demonstrates our commitment to explore, develop and commercialize promising therapies that help in the fight against kidney disease and its complications,” said George J. Morrow, Amgen’s vice president of Global Commercial Operations.
Amgen Acquiring Bay Area Biotech Company