Amgen offers $167m

Amgen has agreed to buy Swedish biotech Nuevolution for around $167 million to boost its drug pipeline after an R&D collaboration showed promise.

The US pharma wants to buy Nuevolution for 1.61 billion Swedish crowns, and the biotech’s board has unanimously recommended the offer to shareholders.

Amgen has offered 32.5 Swedish crowns per share in cash, a premium of nearly 169% to Nuevolution’s closing price on Tuesday.

Source: Pharmaphorum