Amgen Buys Renal Drug Firm

It pays $420 million for Ilypsa.
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Amgen (AMGN) - Get Report has agreed to acquire Ilypsa, a privately held firm developing renal disorder drugs, for $420 million.

Amgen said Monday the acquisition has been approved by both boards and Ilypsa shareholders. The deal is expected to close in the third quarter.

Ilypsa's lead drug candidate, ILY101, is being developed to treat hyperphosphatemia, or high blood phosphate levels, in chronic kidney disease patients who are on hemodialysis.

ILY101 has completed phase II trials.

Shares of Amgen closed Monday off 3 cents to $56.91.