Amgen has agreed to acquire ChemoCentryx for $3.7 billion in cash, grabbing a recently-approved rare immune-system disease drug with blockbuster potential.
Key to the acquisition is California-based ChemoCentryx's newly approved drug, Tavneos. The company's first drug approval, is an orally administered selective complement component 5a receptor inhibitor. It was approved by the U.S. FDA in Oct. 2021, as treatment for a group of rare diseases called anti-neutrophil cytoplasmic autoantibody-associated vasculitis that inflame and destroy small blood vessels, resulting in damage to the kidneys, lungs and other organs.
Analysts are predicting the drug will exceed $1 billion in sales by 2027.
"We are excited to join in the Tavneos launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need. We also look forward to welcoming the highly skilled team from ChemoCentryx that shares our passion for serving patients suffering from serious diseases," said Amgen CEO Robert Bradway.
In addition to Tavneos, ChemoCentryx also has three early-stage drug candidates that target chemoattractant receptors in other inflammatory diseases and an oral checkpoint inhibitor for cancer.
Amgen expects the deal to close in the fourth quarter of 2022.