California-based Amgen and Teneobio announced an agreement under which Amgen will acquire Teneobio.Under the terms of the agreement, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a $900 million upfront cash payment. That agreement also includes the future contingent milestone payments to Teneobio equity holders potentially worth up to an additional $1.6 billion in cash.
The acquisition includes Teneobio’s proprietary bispecific and multispecific antibody technologies, which will enable significant acceleration and efficiency. The development of new molecules that treat a wide range of important diseases across California-based Amgen core therapeutic areas. These platforms complement Amgen’s existing antibody capabilities by adding a heavy-chain-only platform that allows a streamlined, sequence-based discovery approach for target binders.
Teneobio’s antibody platform complements our existing capabilities and could potentially give us a more diverse set of building blocks that can be developed into new multispecific therapeutics. In addition, the availability of Teneobio’s CD3 engager technology will allow us to broaden our capabilities in generating bispecific, and with our technology, enable customization of the T cell engaging domain of the molecules depending on the disease and target.