Amgen to acquire deCODE Genetics for US $415 million

Hannah Blake

pharmaphorum

Biotechnology company, Amgen, has announced that it has entered into a definitive agreement to acquire deCODE Genetics, a global leader in human genetics, for US $415 million. The all-cash transaction is subject to customary closing adjustments and was unanimously approved by the Amgen Board of Directors.

"deCODE Genetics has built a world-class capability in the study of the genetics of human disease. This capability will enhance our efforts to identify and validate human disease targets. This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets while avoiding investments in programs based on less well-validated targets."

Robert A. Bradway, president and CEO at Amgen.

Headquartered in Iceland, deCODE Genetics has discovered genetic risk factors for dozens of diseases, ranging from cardiovascular disease to cancer. Amgen’s acquisition will give the company access to Reykjavik, DeCODE’s technology used to sequence human genomes. Amgen plans to develop treatments targeting the defective genes found using DeCODE’s technology.

"One of the ways to truly realize the full value of human genetics, is to make our research synergistic with drug development efforts where target discovery, validation and prioritization efforts can be accelerated. We believe Amgen's focus and ability to incorporate our genetic research into their research and development efforts will translate our discoveries into meaningful therapies for patients."

Kari Stefansson, M.D., Dr. Med., founder and CEO at deCODE Genetics.

This transaction does not require regulatory approval and is expected to close before the end of 2012.

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