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Amgen acquiring Immunex

December 17, 2001 8:00 AM UTC

AMGN will acquire IMNX for $16 billion in stock and net cash in the largest ever biotech-biotech merger, as had been rumored since Thursday (see BioCentury, Dec. 17). The combined company is expected to post $1.5 billion in net income on $5.5 billion in revenues in 2002. The transaction, which will bring IMNX's Enbrel arthritis drug under the same roof as AMGN's Epogen, Neupogen and Aranesp, a second generation Epogen, is expected to close near the middle of 2002, according to AMGN.

IMNX shareholders will receive 0.44 AMGN shares and $4.50 in cash for each IMNX share held. Thus, AMGN will fund the acquisition with 85% stock and 15% cash. AMGN shareholders will own 81% of the combined company and IMNX shareholders, including American Home Products (AHP), will own 19%. ...