B of A Frowns on Amgen-Immunex Merger
Bank of America says that an acquisition of Immunex (AMGN ) by Amgen (AMGN ) would make strategic sense, but not financial sense, for Amgen. Analyst Eric Ende says a stock and cash deal would be mostly in accordance with management's public statements about a potential acquisition. He says the acquisition would meet five out of the six criteria set by management, but it appears dilutive, thus missing the most important criteria. Also it would shift Amgen's focus away from its launch of Aranesp.