Healthcare Industry News: metabolic disease
News Release - June 6, 2007
Amgen to Acquire Alantos Pharmaceuticals, a Private Biotechnology Company in Cambridge, MassachusettsAcquisition Will Provide Amgen with a Clinical Stage Dipeptidyl Peptidase IV Inhibitor for the Treatment of Type II Diabetes and a Matrix Metalloproteinases Platform for Osteoarthritis
THOUSAND OAKS, Calif., & CAMBRIDGE, Mass.--(HSMN NewsFeed)--Amgen (NASDAQ:AMGN ) announced today that it has agreed to acquire Alantos, a private company developing drugs for the treatment of diabetes and inflammatory diseases. Alantos' lead drug candidate, ALS 2-0426, is a DPP-IV inhibitor in clinical development (Phase 2a) for the treatment of type II diabetes.
Under terms of the agreement, Amgen will pay $300 million in cash to acquire Alantos. Following completion of the transaction, Alantos will become a wholly-owned subsidiary of Amgen. The acquisition has been approved by the boards of directors of each company and the shareholders of Alantos. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2007.
ALS 2-0426 is an orally administered inhibitor of DPP-IV, which in turn inactivates glucagon-like peptide-1 (GLP-1), an important mediator of blood glucose levels following meals. Studies suggest that ALS 2-0426 is potent, highly selective and can be administered once per day. Phase 2a studies were initiated in May in collaboration with Servier, who is the development and ex-US commercialization partner for the compound.
"We are pleased to add this clinical stage DPP-IV inhibitor to our growing portfolio of therapeutics for the treatment of metabolic diseases," said Roger M. Perlmutter, M.D., Ph.D., Amgen's executive vice president for Research and Development. "We also intend to pursue the MMP program with the hope of bringing a novel, disease modifying therapy into the clinic for osteoarthritis."
"We are happy to have reached an agreement with Amgen that will build on the important research and development accomplished to date and will help to advance promising compounds to patients with serious and life-threatening illnesses," said Alantos's chief executive officer, Keith E. Dionne, Ph.D.
Amgen discovers, develops and delivers innovative human therapeutics. A biotechnology pioneer since 1980, Amgen was one of the first companies to realize the new science's promise by bringing safe and effective medicines from lab, to manufacturing plant, to patient. Amgen therapeutics have changed the practice of medicine, helping millions of people around the world in the fight against cancer, kidney disease, rheumatoid arthritis, and other serious illnesses. With a deep and broad pipeline of potential new medicines, Amgen remains committed to advancing science to dramatically improve people's lives. To learn more about our pioneering science and our vital medicines, visit www.amgen.com.
Alantos Pharmaceuticals is a chemistry-driven biopharmaceutical company with a proprietary pipeline of small molecule drugs focused in the area of type II diabetes and osteoarthritis / inflammation. With locations in Cambridge, Massachusetts and Heidelberg, Germany, Alantos Pharmaceuticals employs 45 people.
This news release contains forward-looking statements that involve significant risks and uncertainties, including those discussed below and others that can be found in our Form 10-K for the year ended Dec. 31, 2006, and in our periodic reports on Form 10-Q and Form 8-K. Amgen is providing this information as of the date of this news release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
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