Amgen has agreed to acquire Alantos Pharmaceuticals, a medical drug development company based in Massachusetts, for $300 million in cash. Following completion of the transaction, Alantos will become a wholly owned subsidiary of Amgen. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2007. The acquisition will provide Amgen with the rights to Alantos’ inhibitor drug that treats Type II Diabetes as well as a treatment platform for osteoarthritis. Alantos’ lead diabetes drug candidate, ALS 2-0426, is a DPP-IV inhibitor that is currently in Phase 2a of clinical development for the treatment of Type II Diabetes. The oral medication helps inactivate glucagon-like Peptide 1, which is an important mediator of blood glucose levels following meals.