Can Amgen Battle the Big Boys?

The drugmaker's $16 billion Immunex purchase hasn't convinced the Street it has the clout -- or the pipeline -- to do so

When Amgen Inc. (AMGN ) CEO Kevin W. Sharer finalized his company's $16 billion acquisition of Immunex Corp. (IMNX ) on Dec. 17, he did more than create a biotech giant with $5.5 billion in projected 2002 sales. He also ratcheted up a rivalry with Amgen's biggest partner -- and foe -- Johnson & Johnson (JNJ ).

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