Biotech giant buying Immunex for $16 billion

Monday, Dec. 17, 2001 | 9:54 a.m.

SAN FRANCISCO -- Biotechnology market leader Amgen Inc. is buying rival Immunex Corp. for $16 billion in stock and cash in a deal that will add a blockbuster arthritis drug and two other best-sellers to its already impressive roster of medicines.

The deal announced today would give Amgen of Thousand Oaks control of Seattle-based Immunex's rheumatoid arthritis drug, Enbrel.

Immunex's two other big drugs are Leukine, which stimulates infection-fighting white blood cells, and Novantrone, which kills cancer cells and reduces inflammation that contributes to worsening forms of multiple sclerosis.

Amgen already makes Epogen, used to treat anemia, and Neupogen, used to reduce infection in chemotherapy patients.

Amgen will pay about $14 billion in stock and about $2 billion in cash, valuing Immunex at about $30 a share.

The deal is the latest in a flurry of announced biotechnology mergers.

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