The acquisition will include blinatumomab, a Bispecific T cell Engager (BiTE) antibody in Phase 2 clinical development for acute lymphoblastic leukemia (ALL).
According to the agreement, Micromet’s Munich site will operate as an Amgen R&D center of excellence.
As per the merger agreement, a subsidiary of Amgen will commence a tender offer to acquire all of the outstanding shares of Micromet’s common stock at a price of $11 per share in cash.
The $1.16bn transaction is expected to close in the first quarter.
Amgen is advised by Moelis & Company LLC and Sullivan & Cromwell LLP.
Goldman, Sachs & Co. and Cooley LLP are acting as financial and legal advisors, respectively, to Micromet.
Amgen chairman and CEO Kevin Sharer said the acquisition of Micromet is an opportunity to acquire an innovative oncology asset with global rights and a validated technology platform with broad potential clinical applications.