(Reuters) – Amgen Inc said on Thursday it would buy ChemoCentryx Inc for $3.7 billion to gain access to the company’s anti-inflammation drug.
Amgen will pay $52 per share in cash, which represents a premium of nearly 116% to ChemoCentryx’s closing price on Wednesday.
ChemoCentryx makes Tavneos, a drug approved to treat patients with a rare form of blood vessel inflammation. The therapy brought in sales of $5.4 million in the first full quarter since its launch.
The company has three drugs in early-stage trials to treat inflammatory diseases and is also developing a cancer drug.
(Reporting by Manas Mishra in Bengaluru; Editing by Aditya Soni)
