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Amgen’s $3.7bn ChemoCentryx Buy May Help Offset Growing Pains

Big Biotech’s Q2 Revenue Was 1% Above Consensus

 
• By Mandy Jackson

Amgen is acquiring a pipeline-in-a-pill with ChemoCentryx’s Tavneos, currently approved for ANCA-associated vasculitis, at a time when the company’s existing portfolio is struggling to maintain sales growth.

Amgen logo on phone screen in front of stock prices
Amgen believes it can more rapidly grow ChemoCentryx's Tavneos sales • Source: Shutterstock

Several hours before its second quarter earnings call, Amgen, Inc. announced that it has agreed to buy ChemoCentryx, Inc. for $52 per share, or $3.7bn, in cash. The acquisition is important for Amgen as it looks for new sources of growth and, although the company had a good Q2, it helped draw attention from recent R&D setbacks, a maturing portfolio and a potential tax overhang.

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