Amgen bags 15-PGDH as it rides in with a bid for Rodeo Therapeutics
US biotech major Amgen (Nasdaq: AMGN) has entered into an agreement to acquire Rodeo, a privately held biopharmaceutical company based in Seattle that develops small-molecule therapies designed to promote regeneration and repair of multiple tissues.
Rodeo's 15-PGDH program is a strong strategic fit with Amgen's inflammation portfolio and efforts to develop first-in-class therapeutics for patients, noted Amgen, whose shares closed down 2% at $249.75 yesterday.
This is the second M&A deal for Amgen this month, having on March 2 announced a $1.9 billion offer for Five Prime Therapeutics (Nasdaq: FPRX), that will bring in the latter’s lead asset, bemarituzumab, a first-in-class, Phase III ready anti-FGFR2b antibody.
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