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Biotechnology merger would be valued at $18 billion

Friday, Dec. 14, 2001 | 9:50 a.m.

SAN FRANCISCO -- Shares of Immunex Inc. jumped 10 percent Thursday on reports that Amgen Inc. was in talks to acquire the Seattle company for at least $18 billion in cash and stock.

Reports said Amgen, the world's largest biotechnology company, was offering to buy Immunex for a share price in the low-$30 range.

Analysts cautioned, however, that consummation of any deal faces a major hurdle in health care giant American Home Products Corp., which owns a hefty stake in Immunex.

Investors bid up Immunex on the news, pushing shares up $2.51 to $26.96. Thousand Oaks-based Amgen shares declined 6.5 percent, or $4.20, to $60.19. American Home rose 5 cents to $58.25.

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