Capabilities of both the companies will be leveraged through a new business model in the alliance that involves two elements.
The first element of the alliance includes a collaboration focused on co-development and co-commercialization of five Amgen pipeline medicines, including four biologics and one small molecule against cardiovascular and bone diseases and cancer, in Japan.
Expected to be commercially launched in 2016, the pipeline medicines are in early to late stages of development in the country.
Amgen chairman and chief executive officer Robert Bradway said the alliance allows Amgen to leverage Astellas’ extensive knowledge of the local market.
"With Astellas’ strong capabilities and excellent reputation, this alliance will help accelerate development and commercialization of Amgen medicines for patients in Japan," Bradway added.
As part of the second element, a joint venture will be established and operated as Amgen Astellas BioPharma KK.
Expected to commence operations on 1 October 2013, the joint venture in Japan will become a wholly owned Amgen affiliate by 2020 upon continuation of the long-term collaboration.
Goldman, Sachs & Co. served as financial advisor to Amgen for the transaction, while external legal counsel to Astellas was Morrison & Foerster LLP.