Amgen Buys Otezla

Amgen buys Otezla.
   
Amgen buys Otezla from Celgene for $13.4 billion.
   
The deal gives Amgen the drug Otezla and its related intellectual property. Celgene teams who make Otezla will transfer to Amgen. The drug is approved for three distinct inflammatory diseases in the US and has exclusive intellectual property rights until 2028. Otezla is approved in 54 countries, including the major markets of France, Germany, and Japan.
   
Giovanni Caforio of Bristol-Myers said: ‘This agreement is an important step toward completing our pending merger with Celgene. It also demonstrates the tremendous achievement of the Celgene team in establishing Otezla as an important medicine for patients with psoriasis, psoriatic arthritis, and Behçet’s Disease. Together with the Otezla team, Amgen has the capabilities and infrastructure to continue to support this important medicine and ensure a seamless transition for patients and healthcare providers.’
   
Robert Bradway of Amgen said: ‘We have been patient with deploying our capital and I think this deal rewards that patience. The acquisition of Otezla offers a unique opportunity for Amgen to offer patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel® and Amgevita® brands. We will take advantage of our 20 years of experience in inflammatory disease to realize the full global potential of Otezla as an affordable choice for patients with these serious, chronic inflammatory conditions.
   
Otezla is an exciting opportunity to strengthen Amgen's presence in inflammation and continue Amgen's geographic expansion. We are excited about the opportunity that Otezla is for Amgen, for our shareholders, and for patients worldwide, and we look forward to welcoming those staff members who support Otezla to the Amgen family.’
   
David Meline of Amgen added: ‘It’s been some time since we’ve done a transaction as it related to business development. In part, that’s because the prices we’ve seen have been too high.’
   
Dyal Co. and Goldman Sachs served as financial advisers to Amgen. Sullivan & Cromwell served as legal adviser.
   
Morgan Stanley served as financial adviser to Bristol-Myers.  Kirkland & Ellis served as legal adviser.



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