THOUSAND OAKS, Calif. (

TheStreet

) --

Amgen

(AMGN) - Get Report

is acquiring

Micromet

(MITI)

, a mid-stage developer of blood cancer drugs, in an all-cash deal worth $1.16 billion, the companies announced Thursday.

The Amgen buyout values Micromet at $11 per share, or a 33% premium to the stock's closing price of $8.28 per share on Wednesday.

Micromet's lead drug, blinatumomab, is in a phase II clinical trials for acute lymphoblastic leukemia (ALL). The drug is also in development as a possible treatment for non-Hodgkin's lymphoma.

Micromet's drugs are based on a proprietary BiTE (Bispecific T-cell engager) antibodies technology platform designed to spur a patient's T cells to identify and attack tumor tissue.

Amgen reports fourth-quarter 2011 earnings and will

provide financial guidance for 2012

in a conference call after Thursday's close.

--Written by Adam Feuerstein in Boston.

>To contact the writer of this article, click here:

Adam Feuerstein

.

>To follow the writer on Twitter, go to

http://twitter.com/adamfeuerstein

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Follow

TheStreet

on

Twitter

and become a fan on

Facebook.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;

click here

to send him an email.