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Sunday, Mar 3, 2024

Amgen Spends $181 Million on Drug Coatings

Biotechnology company Amgen Inc. will spend up to $180.5 million to license technology from Bind Biosciences Inc. for a pipeline cancer drug, the company said Tuesday. Bind, a Cambridge, Mass. clinical stage company, develops drug coatings called Accurins to target cancer cells without the risk of tissue damage. Amgen plans to combine medicines developed by the Thousand Oaks company with the Bind delivery technology. “Bind’s technology is well aligned with Amgen’s focus on the development of highly targeted and selective oncology therapeutics,” said Dr. Joseph Miletich, Amgen’s senior vice president of R&D, in a statement. Amgen will be responsible for clinical development and commercialization of the drugs. Bind will receive up-front and development milestone payments totaling $46.5 million and could receive up to an additional $134 million in regulatory and sales milestone payments. It will also receive tiered royalties on future sales. Founded on technology developed at the Massachusetts Institute of Technology, the company is backed by venture capital investors including Polaris Venture Partners and ARCH Venture Partners. Polaris and ARCH also have interests in deCODE Genetics Inc., an Icelandic genetics research company acquired by Amgen last month for $415 million. Amgen closed down 38 cents, or less than 1 percent, at $88.15 on the Nasdaq.

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