Amgen Shares Rise 6% on News of Drug Acquisition
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Amgen Inc. shares rose 6% after the world’s biggest biotechnology company said it acquired a prostate cancer drug that’s in the final stages of human testing.
Amgen shares rose $4.13 to close at $74.63 on Nasdaq. Amgen announced the acquisition from closely held Praecis Pharmaceuticals Inc. of Cambridge, Mass., after Wednesday’s close of U.S. stock markets.
It’s Thousand Oaks-based Amgen’s first acquisition since 1997 and would bolster its late-stage pipeline of new drug candidates.
The drug, called abarelix, could one day claim about half of a roughly $1-billion U.S. market for prostate cancer drugs, analysts said.
Terms of the agreement were not disclosed.
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