ARTICLE | Deals
How Five Prime got a sweetened buyout offer from Amgen as rival suitors dropped out of bidding process
March 19, 2021 10:10 PM UTC
A competitive process allowed Five Prime to receive a larger premium than most biotechs that accepted takeout bids in recent months, with Amgen raising its offer to a winning proposal of $38 per share ahead of the companies’ early March deal.
A new regulatory filing revealed that two other parties showed M&A interest and a total of four companies formally proposed collaborations before Amgen Inc. (NASDAQ:AMGN) clinched the deal with its March 1 bid, valuing Five Prime Therapeutics Inc. (NASDAQ:FPRX) at $1.9 billion. The companies announced the deal three days later...