Deals
Amgen: Will Bigger Be Better?
Its Immunex deal will make it dwarf other biotechs -- and make aggressive growth targets tough to hit
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By Amy Tsao
The $16 billion purchase of No. 3 biotech company Immunex (IMNX ) by industry leader Amgen (AMGN ), announced on Dec. 17, seems certain to reverberate throughout the biotech business for months to come. The merged giant, with $5.5 billion in annual revenues, will so dwarf any other biotech outfit that its mere creation could set off a wave of consolidation among larger biotechs that hope to compete.