B of A Frowns on Amgen-Immunex Merger

Analyst Eric Ende says a merger would be dilutive and take Amgen's attention away from launch of Aranesp

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.

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