Amgen to acquire Micromet for $1.2B

Amgen Inc. (NASDAQ:AMGN) will acquire Micromet Inc. (NASDAQ:MITI) for $11 per share in cash, or about $1.2 billion. The price is a 33% premium to Micromet's close of $8.28 on Wednesday, before the deal was announced.

Amgen will gain blinatumomab, a bispecific T cell engager (BiTE) against CD19 in Phase II testing to treat acute lymphoblastic leukemia (ALL). The product is in Phase I testing to treat relapsed or refractory non-Hodgkin's lymphoma (NHL). Micromet's pipeline also includes solitomab ( MT110), a BiTE targeting the epithelial cell adhesion molecule (EpCAM) antigen that is in Phase I testing to treat advanced solid tumors. The boards of both companies approved the deal, which is expected to close this quarter. Moelis & Co. and Sullivan & Cromwell advised Amgen. Goldman Sachs and Cooley advised Micromet. Micromet was up $2.66 (32%) to $10.94 on Thursday, while Amgen was off $1.13 to $68.08. ...