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Amgen Boosts Cancer Drive With $1.9 Billion Five Prime Deal

  • Lead drug for gastric cancer is moving into final phase trials
  • Drugmakers building up their roster of cancer treatments
Updated on

Amgen Inc. has agreed to buy Five Prime Therapeutics Inc. for $1.9 billion in cash, targeting an experimental therapy for a type of gastric cancer particularly prevalent in the Asia-Pacific region.

Under the agreement, Amgen will pay $38 a share for Five Prime, a substantial premium over its closing stock price of $21.26 on Wednesday, according to a statement from the companies on Thursday. The transaction is expected to close by the end of the second quarter.