CCXI - Amgen to buy ChemoCentryx for $3.7B

• Amgen ( NASDAQ: AMGN ) has agreed to buy ChemoCentryx ( CCXI ) a drug developer focused on autoimmune disorders for $3.7B in cash, the companies announced on Thursday in an emailed statement.
• Amgen ( AMGN ) shares are currently trading marginally lower while ChemoCentryx ( CCXI ) is currently on hold for trading.
• Per the terms, Amgen will pay $52 per share in cash to acquire ChemoCentryx ( CCXI ) implying~116% premium to its last close.
• “We are excited to join in the Tavneos launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need,” Amgen ( AMGN ) Chief Executive Robert Bradway remarked.
• With the acquisition, the pharma giant eyes Tavneos, ChemoCentryx’s ( CCXI ) only commercialized treatment. The FDA approved it in Oct. 2021 for a group of autoimmune diseases that cause inflammation of the blood vessels.

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