CCXI - ChemoCentryx soars 109% as Amgen agrees to buy for $3.7B in cash

• 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.
• ChemoCentryx ( CCXI ) shares jumped ~109% after the news. Amgen ( AMGN ) is trading flat.
• Per the terms, Amgen will pay $52 per share in cash to acquire ChemoCentryx ( CCXI ), implying~116% premium to its last close.

• The deal is expected to close in 4Q 2022, subject to approval of ChemoCentryx ( CCXI ) shareholders and regulators.

• “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 the oral therapy in Oct. 2021 for a group of autoimmune diseases called ANCA-associated vasculitis that cause inflammation of the blood vessels.

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