THOUSAND OAKS, Calif. (
, 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
in a conference call after Thursday's close.
--Written by Adam Feuerstein in Boston.
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