UPDATE: Amgen to Acquire ChemoCentryx in $3.7bn Deal
2022.08.04 22:13
Amgen (AMGN) to Acquire ChemoCentryx (CCXI) in $3.7bn Deal
(Updated – August 4, 2022 3:05 PM EDT)
Amgen (NASDAQ:AMGN) is set to acquire ChemoCentryx (NASDAQ:CCXI) for $52 per share in cash, it was announced Thursday, representing an enterprise value of approximately $3.7 billion.
The transaction, which is subject to ChemoCentryx stockholder approval, is expected to close in the fourth quarter of 2022.
“The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with TAVNEOS, a transformative, first-in-class treatment for ANCA-associated vasculitis,” said Robert Bradway, chairman and chief executive officer at Amgen.
Mizuho analyst Salim Syed, who maintained a Neutral rating and $208 price target in a note following the announcement, said, “Amgen announced the acquisition of ChemoCentryx (CCXI, not covered) for ~$4Bn (link to press release here); 100% premium paid to yesterday’s close.”
“Tavneos is an oral, FDA-approved add-on drug for adults with a rare form of blood vessel inflammation called severe active anti-neutrophil cytoplasmic autoantibody (ANCA)-associated vasculitis,” added Syed. “Consensus WW peak sales for Tavneos in ANCA-associated vasculitis is ~$1000MM, a bit below our preliminary math of ~$1400MM (link to our preliminary market model here and in the mini care package below) … so,
