Amgen to Buy Danish Biotech Nuevolution for $167 Million
22 May 2019 - 8:59PM
Dow Jones News
By Colin Kellaher
Amgen Inc. (AMGN) on Wednesday said it plans to buy Danish
biotechnology company Nuevolution AB (NUE.SK) for about $167
million in cash.
The Thousand Oaks, Calif., biotechnology company said it will
offer 32.50 Swedish kroner in cash for each share of Nuevolution, a
roughly 169% premium to Tuesday's closing price of SEK12.10.
Shares of Nuevolution surged to SEK32.20 on Wednesday.
Amgen said Nuevolution's board recommends the offer, adding that
holders of about 59% of Nuevolution's shares have agreed to accept
the deal. Amgen said the offer, which it will fund with cash on
hand, will begin around June 13.
Amgen and Nuevolution formed a multi-target collaboration in
October 2016, and Amgen has exercised its contractual opt-in right
for two cancer programs under the agreement.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 22, 2019 06:44 ET (10:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Amgen (NASDAQ:AMGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amgen (NASDAQ:AMGN)
Historical Stock Chart
From Apr 2023 to Apr 2024
