Business
Amgen To Acquire Otezla® For $13.4 Billion In Cash, Or Approximately $11.2 Billion Net Of Anticipated Future Cash Tax Benefits
THOUSAND OAKS, Calif., Aug. 26, 2019 /PRNewswire/ -- Amgen (NASDAQ: AMGN) announced today that it has entered into an agreement with Celgene Corporation
About this update from Amgen Inc.
[{"type":"text","content":" THOUSAND OAKS, Calif., Aug. 26, 2019 /PRNewswire/ -- Amgen (NASDAQ: AMGN) announced today that it has entered into an agreement with Celgene Corporation (NASDAQ: CELG) in connection with its previously announced merger with Bristol-Myers Squibb Company (NYSE: BMY) to acquire worldwide rights to Otezla® (apremilast), the only oral, non-biologic treatment for psoriasis and psoriatic arthritis, and certain related assets and liabilities, for $13.4 billion in cash, or approximately $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits. Amgen believes that the acquisition of Otezla offers many benefits including:\nA strong strategic fit with Amgen's long-standing expertise in psoriasis and inflammation A differentiated, oral therapy complementary to Amgen's existing inflammation franchise of innovative biologics and biosimilar products At least low double-digit Otezla sales growth, on average, over the next five years Acceleration of Amgen's near- and long-term revenue growth Immediate non-GAAP EPS accretion Intellectual Property exclusivity through at least 2028 in the U.S. Worldwide rights which fit well with Amgen's international presence and global expansion objectives Support of increased R&D investment in 2020 to advance Amgen's innovative pipeline of first-in-class molecules No interruption in deployment of Amgen's capital allocation priorities \"The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel® and AMGEVITA® brands,\" said Robert A. Bradway, chairman and chief executive officer at Amgen. \"We will take advantage of our 20 years of experience in inflammatory disease to realize the full global potential of Otezla as an affordable option for patients with these serious, chronic inflammatory conditions.\" \nOtezla is the leading treatment in the post-topical, pre-biologic segment in its approved indications. Otezla is currently approved for three indications in the U.S.—the treatment of patients with moderate-to-severe plaque psoriasis who are candidates for phototherapy or systemic therapy; adult patients with active psoriatic arthritis; and adult patients with oral ulcers associated with Behçet's Disease. Otezla is ap...