Amgen has reached an agreement to purchase Copenhagen-based Nuevolution AB for about $167 million.
Amgen, which is facing stiff competition against its new migraine treatment, Aimovig, and cholesterol treatment, Repatha, has been partnering with Nuevolution since 2016 to develop oncology drugs.
Unlike many pharma companies that are fighting cancer with large molecule gene therapies, Nuevolution has created a patented drug discovery platform to find small-molecule treatments that can be taken in oral solid dose form. The company has had past partnerships with several major players in pharma including Johnson & Johnson, GlaxoSmithKline, Novartis and more.
Read the full Reuters report.