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news.Biotech giant Amgen has completed its acquisition of Abgenix for approximately $2.2 billion in cash plus assumed debt. The acquisition gives Amgen full control of panitumumab, the anticancer drug being developed by the two companies.
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Amgen said that it expects the $22.50 per share deal to dilute its earnings per share in 2006 and 2007 in the range of $0.05 to $0.10. However, the company said that the deal would add value in the long run, assuming the commercial success of panitumumab.
Final regulatory approvals were received in January and Abgenix stockholders overwhelmingly approved Amgen’s acquisition of the company during a recent meeting.
“The completion of this acquisition underscores our commitment to therapeutic oncology and our confidence in both panitumumab and denosumab,” said Kevin Sharer, chairman and CEO of Amgen.