Precision oncology readout becomes Five Prime’s denouement, driving $1.9B Amgen takeout

Roughly 19 years into Five Prime’s tortuous history, a target-validating readout in a genetically-defined subset of cancer patients spurred the biotech’s $1.9 billion buyout by Amgen, representing the latest signal of outsized interest in precision oncology.

Amgen Inc. (NASDAQ:AMGN) will pay $38 per share to acquire Five Prime Therapeutics Inc. (NASDAQ:FPRX), representing a 79% premium over the biotech’s close at $21.26 on Wednesday...