Amgen buys remaining 79% of Tularik for $1.3B to boost R&D pipeline

Amgen, the world's leading independent biotechnology company, has reached agreement to acquire the remaining 79% of fellow California, USA-based Tularik which it does not already own, in a stock deal valued at approximately $1.3 billion. Under the terms of the deal, Amgen will exchange Tularik common stock for its own in a ratio that fixes the latter's value at $25 per share.

The transaction is expected to close in the second half of 2004, and Amgen says that its previous financial guidance for 2004 adjusted earnings per share of $2.30-$2.40 remains unchanged. The price being paid for Tularik is a 47% premium to its closing price on March 26, and caused the firm's share price that day to leap 44% to $7.53.

21% stake bought last year