Amgen strengthens portfolio with Teneobio buy

The USA’s largest biotech Amgen (Nasdaq: AMGN) has announced its third acquisition this year, saying yesterday that it is to buy Teneobio, a California-based privately held, clinical stage biotechnology company developing a new class of biologics called human heavy-chain antibodies.

Under the terms of the agreement, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a $900 million upfront cash payment, as well as future contingent milestone payments to Teneobio equity holders potentially worth up to an additional $1.6 billion in cash.

The acquisition is subject to customary closing conditions, including applicable regulatory approvals and is expected to close in the second half of 2021.