Amgen Inc. (AMGN)

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Amgen (AMGN) to Boost Inflammation Pipeline With Rodeo Buyout

Amgen (AMGN) inks an agreement to acquire privately held company, Rodeo Therapeutics Corporation, to boost its inflammation portfolio.

Amgen Snaps Up Rodeo Therapeutics For $721M

Amgen Inc. has agreed to acquire private biopharmaceutical company Rodeo Therapeutics Corporation for a total consideration of $721 million. This includes a $55 million upfront payment and milestone payments of up to $666 million. Rodeo is focused on developing small molecule therapies for the regeneration and repair of multiple tissues. Its development program, 15-PGDH, complements Amgen’s (AMGN) inflammation product portfolio and focus on developing first-in-class therapeutics. Amgen’s Senior Vice President of Global Research, Raymond Deshaies, said, “The enzyme 15-PGDH plays a key role in many disease-relevant processes such as stem cell self-renewal and epithelial barrier repair. Given the encouraging preclinical data to date, we are excited about the opportunity to develop a novel therapy with potential in a range of important inflammatory disease indications.” Rodeo’s President and CEO, Thong Q. Le, said, “We are thrilled that Amgen recognizes the potential value and differentiated profile of our 15-PGDH inhibitor program.” (See Amgen stock analysis on TipRanks) On March 29, Oppenheimer analyst Jay Olson reiterated a Buy rating on the stock with a target price of $266 (6.51% upside potential). Olson commented, “On the top line, we believe Amgen is in a position to maintain long-term revenue growth as mature products fade while the R&D pipeline continues to more than compensate with innovative new products. Amgen offers a dividend yield >3%, which we believe provides valuation support.” Turning to the rest of the Street, the stock has a Moderate Buy consensus rating alongside an average analyst price target of $261.29 (4.6% upside potential), based on 9 Buys and 7 Holds. Shares have gained about 19.8% over the past year. Related News: Canoo’s 4Q Loss Improves On Electric Vehicles Strength McCormick’s 1Q Results Beat Expectations As Sales Outperform Digi International Rises On Haxiot Acquisition; Street Remains Bullish More recent articles from Smarter Analyst: Academy’s 4Q Results Beat Estimates; Shares Jump 11% Lululemon’s FY21 Outlook Surpasses Estimates After 4Q Beat Wednesday’s Pre-Market: Here’s What You Need To Know Before The Market Opens HyreCar’s 4Q Revenues Jump 42%; Street Sees 85% Upside