Acquisition Includes a Novel Cancer Treatment in Clinical Trials for Hematologic Malignancies
Micromet’s Proprietary BiTE® Platform has Potential to Improve Treatment in Multiple Tumor Types
AZBio Member News:
THOUSAND OAKS, Calif., and ROCKVILLE, Md.,Jan. 26, 2012/PRNewswire
Amgen (NASDAQ:AMGN) and Micromet, Inc.(NASDAQ:MITI) today announced that the companies have entered into a definitive merger agreement under which Amgen will acquire Micromet, a biotechnology company founded in Germany with its research and development (R&D) center in Munichand headquarters inRockville, Md., for$11per share in cash. The transaction, which values Micromet at approximately$1.16 billion, was unanimously approved by both the Amgenand Micromet Boards of Directors.
The acquisition includes blinatumomab, a Bispecific T cell Engager (BiTE) antibody in Phase 2 clinical development for acute lymphoblastic leukemia (ALL). Blinatumomab is also in clinical development for the treatment of non-Hodgkin’s lymphoma (NHL), and could have applications in other hematologic malignancies.
“The acquisition of Micromet is an opportunity to acquire an innovative oncology asset with global rights and a validated technology platform with broad potential clinical applications,” said Kevin Sharer, chairman and CEO at Amgen. “Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercializing therapeutics to treat patients with grievous illness.”
Amgenwill gain the following as a result of the acquisition:
- Blinatumomab, a BiTE antibody that has demonstrated encouraging single-agent activity in both adult and pediatric patients with ALL as well as adult patients withNHL, and is currently under investigation in five trials:
- Two Phase 2 trials for adult patients with relapsed/refractory ALL
- Phase 1/2 trial for pediatric patients with relapsed/refractory ALL
- Phase 2 trial for adult ALL patients with minimal residual disease (MRD)
- Phase 1 trial for adult patients with relapsed/refractoryNHL
- Proprietary BiTE antibody technology which provides an innovative, validated platform for future clinical research
- Potential milestone and royalty payments from existing licensees of BiTE and other technologies
- Unencumbered rights to solitomab, a BiTE antibody in Phase 1 for patients with advanced solid tumors
- Micromet’sMunichsite, which will operate as an Amgen R&D center of excellence
“We believe that this transaction represents an attractive opportunity forMicromet, its stockholders and cancer patients,” saidChristian Itin, Ph.D.,Micromet’s president and CEO. “Amgen’s extensive resources and experience in the development and commercialization of biologics promise to speed blinatumomab’s path to market, expand its development across a broader range of B-cell malignancies and maximize the full potential of our novel BiTE technology.”
Amgendiscovers, develops, manufactures and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgenwas one of the first companies to realize the new science’s promise by bringing safe, effective medicines from lab to manufacturing plant to patient. Amgentherapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, bone disease and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgenremains committed to advancing science to dramatically improve people’s lives. To learn more about our pioneering science and vital medicines, visit www.amgen.com.
About Micromet, Inc.
Micrometis a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibody-based therapies for the treatment of cancer. Micrometis advancing a robust pipeline of novel therapeutics based on its proprietary BiTE® technology.Micromet’s lead product candidate blinatumomab is currently the subject of a European trial in patients with minimal residual disease positive acute lymphoblastic leukemia.Micromet has collaborations with a number of leading pharmaceutical and biotechnology companies, includingAmgen,Bayer HealthCare Pharmaceuticals, Boehringer Ingelheim, MedImmune, Merck Serono, Nycomed andSanofi.
Blinatumomab is a Bispecific T cell Engager (BiTE antibody) designed to direct a patient’s cytotoxic T cells to eliminate cancer cells that express CD19. CD19 is a protein expressed on the surface of B-lymphocytes including acute lymphoblastic leukemias and non-Hodgkin’s lymphomas. Data on blinatumomab demonstrating a high complete remission rate in adult patients with relapsed/refractory B-precursor ALL was recently reported at theAmerican Society of Hematology(ASH) Annual Meeting, held inDecember 2011.
About BiTE Technology
BiTE antibodies are designed to direct the body’s cytotoxic, or cell-destroying, T cells against tumor cells, and represent a new therapeutic approach to cancer therapy. Typically, antibodies cannot engage T cells because T cells lack the appropriate receptors for binding antibodies. BiTE antibodies have been shown to bind T cells to tumor cells, ultimately killing the tumor cells.
For terms of the transaction and the Amgen Forward-Looking Statement, click here.
Amgen, Thousand Oaks
Mary Klem, 805-447-6979
Arvind Sood, 805-447-1060
Jennifer Neiman, 240-235-0246 (media and investors)
Andrew Cole/Lesley Bogdanow
Sard Verbinnen & Co.