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Amgen will pay $900 million cash while committing up to $1.6 billion in milestones. In addition, Amgen cited Teneobio’s “T-cell engager platform expands on Amgen’s existing position in bispecific T-cell engagers by providing a differentiated, but a complementary, approach to Amgen’s current BiTE platform.”
Specifically, the acquisition gives Amgen a Phase 1 program for a drug dubbed TNB-585, a PSMA/CD3 bispecific T cell engager in development for castration-resistant prostate cancer.
Amgen plans to line that one up alongside acapatamab (formerly AMG 160) and AMG 509 as a complementary therapy.
Price Action: AMGN shares closed at $244.68 on Tuesday.
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