Company Acquire: Amgen Acquired DeCODE Genetics for $415M Which Is Supposed To Be Closed at the End of 2012
Amgen has planned to acquire Iceland-based DeCODE Genetics which is currently owned by Saga Investments, a consortium including Polaris Venture Partners and ARCH Venture Partners, but later out of bankruptcy in 2010, for $415 million cash, aiming in the biotech pioneer’s presence in personalized medicine. Both sides said the deal is expected to close by 2012 end.
Founded in 1996, Decode blazed a trail in personal genomics by trawling Iceland’s unique genetic heritage to work out the links between gene variants and common diseases, for example ranging from cardiovascular disease to cancer. But commercially it failed to live up to early expectations after going public in 2000. Decode filed for bankruptcy protection in 2009, weighed down by debts after 13 years of failing to make a profit, before re-emerging as a privately owned company.
After emerge, as part of Amgen, Decode’s scientists will help in the task of ensuring that experimental medicines hit the right spot. Their know-how should allow Amgen to identify promising new avenues earlier and close down dead-ends more quickly. The new deCODE has proven capable of striking alliances with life-science corporate giants: In October 2011, deCODE and Pfizer formed an 18-month collaboration to discover sequence variants associated with specific clinical phenotypes related to systemic lupus erythematosis.
According to many analysts, the action of Amgen was not surprising since Amgen also have enough engagement in the relevant pipeline.
Article Link: Company Acquire: Amgen Acquired DeCODE Genetics for $415M Which Is Supposed To Be Closed at the End of 2012
Tags: Amgen, Company Acquire, DeCODE Genetics