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    Amgen to buy Nuevolution for $167 million

    GarimaWritten by Garima Published On 2019-05-26T09:10:38+05:30  |  Updated On 26 May 2019 9:10 AM IST
    Amgen to buy Nuevolution for $167 million

    Amgen, which is grappling with competition to its new migraine treatment Aimovig and cholesterol fighter Repatha, said it had collaborated with Nuevolution since 2016 and that it had exercised opt-in rights for two cancer treatment approaches that have emerged from the alliance.


    U.S: Amgen, the world's largest biotechnology company, agreed on Wednesday to buy Scandinavian biopharmaceutical company Nuevolution AB for 1.61 billion Swedish crowns ($166.8 million) to boost its position in drug discovery.


    Copenhagen-headquartered Nuevolution said its board unanimously recommended Amgen's cash offer of 32.5 Swedish crowns per share, a premium of 168.6% to Nuevolution's closing price on Tuesday.


    Read Also: Amgen, Syapse enters precision medicine collaboration in Oncology


    Nuevolution has a patent-protected drug research platform to identify small-molecule drug candidates to be taken as pills against cancer and inflammatory diseases.


    Most new drugs in these therapeutic areas are currently based on large proteins made from genetically modified living cells which need to be injected and are expensive to manufacture.


    Nuevolution has partnered with pharma majors including Novartis, Johnson & Johnson, Boehringer Ingelheim, GlaxoSmithKline and Merck & Co, according to its website.


    The company was founded in 2011 and employs 40 full-time professionals.


    Read Also: Amgen sets over Rs 15 lakh yearly price for new bone drug Evenity


    Amgen, which is grappling with competition to its new migraine treatment Aimovig and cholesterol fighter Repatha, said it had collaborated with Nuevolution since 2016 and that it had exercised opt-in rights for two cancer treatment approaches that have emerged from the alliance.

    AimovigAmgenBoehringer Ingelheimcancercholesterol fighter RepathaCOPENHAGENGlaxoSmithKlineGMTGSKJnJJohnson & JohnsonMerckMerck & Comigraine treatmentNovartisNuevolutionNuevolution ABNuevolution sharesScandinavian bio pharmaceutical
    Source : Reuters

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    Garima
    Garima

      Garima joined Medical Dialogues in the year 2017 and is currently working as a Senior Editor. She looks after all the Healthcare news pertaining to Medico-legal cases, MCI/DCI decisions, Medical Education issues, government policies as well as all the news and updates concerning Medical and Dental Colleges in India. She is a graduate from Delhi University. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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