Amgen to Acquire Five Prime Therapeutics for $1.9 Billion

Amgen announced on March 4, 2021 that it has acquired Five Prime Therapeutics, a US-based clinical-stage biotechnology company, for $1.9 billion.

Through the acquisition, Amgen will have access to Five Prime’s oncology portfolio which includes bemarituzumab, Five Prime’s Phase III ready anti-fibroblast growth factor receptor 2 (FGFR2b) antibody with positive data from a randomized, placebo-controlled Phase II study in frontline advanced gastric or gastroesophageal junction cancer, Amgen said in a company press release. Additionally, the acquisition will support Amgen’s international expansion strategy as it plans to establish bemarituzumab’s presence in Japan and other Asia-Pacific markets.

"The acquisition of Five Prime offers a compelling opportunity for Amgen to strengthen our oncology portfolio with a promising late-stage, first-in-class global asset to treat gastric cancer," said Robert A. Bradway, chairman and CEO at Amgen, in the press release. "We look forward to welcoming the Five Prime team to Amgen and working with them to leverage our best-in-class monoclonal antibody manufacturing capabilities to supply additional clinical materials, as well as expanded production quantities, to realize the full potential of bemarituzumab for even more patients around the world as quickly as possible."

"This is an exciting day for patients who may one day benefit from the promise of bemaritizumab and our full pipeline. I'm so proud of the Five Prime team and the science we've pioneered," said Tom Civik, president and CEO of Five Prime, in the press release. "We see tremendous complementarity between the two companies. Amgen has global reach, world-class resources, and they share our deep passion for science and commitment to patients. I have full confidence that Amgen is the right company to work with us to bring our innovative cancer treatments to patients and to achieve our mission to rewrite cancer."

Source: Amgen