Amgen is all set for acquiring Otezla from an American biotechnology company i.e. Celgene, which is announced by the Companies.
This acquisition is connected to its previously announced merger with BMS to acquire the rights to the drug worldwide.
The company would be receiving certain assets and liabilities for approx. $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits.
Amgen has announced that upon acquiring of Otezla, they can provide “at least low double-digit” Otezla sales growth, for the next five years on an average and “which can accelerate the company’s short and long term revenue growth.”
Chairman and CEO Mr. Robert A. Bradway, of Amgen, conveyed that The acquisition of Otezla offers a “unique opportunity for Amgento provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel and Amgevita brands,”
He added to his statement and conveyed that, “Amgen will take advantage of our 20 years of experience in inflammatory disease to realize the full global potential of Otezla as an affordable option for patients with these serious, chronic inflammatory conditions.”
He also stated that “Otezla represents an exciting opportunity to strengthen Amgen’s presence in inflammation and continue Amgen’s geographic expansion,
Amgen said that the “closing of the acquisition is contingent on BMS entering into a consent decree with the FTC in connection with the pending Celgene, merger, the closing of the pending merger with Celgene, and the satisfaction of other customary closing conditions.”
“We are excited about the opportunity that Otezla represents for Amgen, for our shareholders, and patients worldwide, and we look forward to welcoming those staff members who support Otezla to the Amgen family.”
The acquisition is expected to close maybe by the end of 2019.