Amgen to buy biopharmaceutical firm Nuevolution

Wednesday, 22. May 2019 13:42

Biotechnology giant Amgen Inc. announced on Wednesday that it made an offer to buy Scandinavian pharmaceutical company Nuevolution for $168.8 million (1.61 billion Sweitsh crowns). Nuevolution's board of directors unanimously recommended Amgen's offer, which stands at 32.5 Swedish crowns per share. Under the terms of the offer, Amgen will be allowed to enter into new arrangements, as well as acquire Nuevolution shares outside of the current deal.

Amgen's offer presents a premium of nearly 169% compared to Nuevolution stock's Tuesday closing price, the biopharmaceutical company said on its website. As a global leader in biotechnology, Amgen expressed interest in Nuevolution's small molecule discovery platform for further advancement of its operations. Nuevolution's internal programs are primarily focused on inflammation treatment, oncology, and immuno-oncology.

Following the news, Amgen shares added 0.24% in Wednesday's premarket trading on the New York Stock Exchange.

Related Links: Amgen Inc.
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