Amgen reiterates focus on protein degradation, details setbacks to four early-stage cancer programs

Amgen reiterated its commitment to becoming a leader in protein degradation while putting the brakes on a quartet of early-stage oncology programs, including three BiTEs. The updates came as it reported 4Q20 earnings that topped analyst estimates. 

On a conference call to discuss the results, Amgen Inc. (NASDAQ:AMGN) Chairman and CEO Robert Bradway again highlighted the company’s commitment to its Induced Proximity Platform (IPP), a unit the company launched in 2018 to develop compounds that bring two or more biological targets close enough to interact — the concept behind targeted protein degradation. He said the company wants to become an industry leader in the space, and sees broad potential for the platform beyond simply degrading proteins...