Amgen paying $415 to acquire deCODE Genetics

In what has been a busy M&A period for US biotech giant Amgen (Nasdaq: AMGN), the company has entered into a definitive agreement to acquire privately-held Iceland-based deCODE Genetics, a global leader in human genetics.

The all-cash transaction values deCODE Genetics at $415 million, is subject to customary closing adjustments, and was unanimously approved by the Amgen board. This transaction does not require regulatory approval, and is expected to close before the end of 2012.

Despite its many achievements - discovering genetic risk factors for dozens of diseases ranging from cardiovascular disease to cancer, deCODE has had trouble building a sustainable business, and it filed for bankruptcy protection in 2009. It was bought out of bankruptcy early in 2010 by two venture capital companies, Polaris Ventures and Arch Venture Partners.