Amgen, the world’s largest biotechnology firm, agreed on Wednesday to purchase Scandinavian biopharmaceutical firm Nuevolution AB for 1.61 billion Swedish crowns ($166.eight million) to spice up its place in drug discovery.
Copenhagen-headquartered Nuevolution mentioned its board unanimously advisable Amgen’s money provide of 32.5 Swedish crowns per share, a premium of 168.6% to Nuevolution’s closing value on Tuesday.
Nuevolution has a patent-protected drug analysis platform to establish small-molecule drug candidates to be taken as drugs in opposition to most cancers and inflammatory ailments.
Most new medication in these therapeutic areas is at present based mostly on giant proteins constituted of genetically modified residing cells which must be injected and are costly to fabricate.
Nuevolution has partnered with pharma majors together with Novartis, Johnson & Johnson, Boehringer Ingelheim, GlaxoSmithKline, and Merck & Co, in response to its web site.
The corporate was based in 2011 and employed 40 full-time professionals.
Amgen, which is grappling with competitors to its new migraine remedy Aimovig and LDL cholesterol fighter Repatha, mentioned it had collaborated with Nuevolution since 2016 and that it had exercised decide-in rights for two most cancers therapy approaches which have emerged from the alliance.