BioCentury
ARTICLE | Finance

Ebb & Flow

December 17, 2001 8:00 AM UTC

As the rumor mill churned with news of Amgen taking out Immunex, the size of the combined mega-biotech continued to shrink as AMGN's shares tumbled amid uncertainty over the presumed deal terms. In fact, AMGN's loss of market cap last week ($11.3 billion) approached the value of IMNX going into the week ($13.6 billion), leading to the preposterous conclusion that IMNX suddenly has hardly any value to add to the deal (see Cover Story).

AMGN, which lost $10.77 to $56.03 on the week, and IMNX, which traded up $0.65 to $25.62, now stand valued at $58.8 billion and $14 billion, respectively. ...