Amgen to Acquire Alantos Pharmaceuticals, a Private Biotechnology Company in Cambridge, Massachusetts
THOUSAND OAKS, Calif., & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun 6, 2007 - Amgen (NASDAQ:AMGN) announced today that it has agreed to acquire Alantos, a private company developing drugs for the treatment of diabetes and inflammatory diseases. Alantos' lead drug candidate, ALS 2-0426, is a DPP-IV inhibitor in clinical development (Phase 2a) for the treatment of type II diabetes.
Under terms of the agreement, Amgen will pay $300 million in cash to acquire Alantos. Following completion of the transaction, Alantos will become a wholly-owned subsidiary of Amgen. The acquisition has been approved by the boards of directors of each company and the shareholders of Alantos. It is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of 2007.
ALS 2-0426 is an orally administered inhibitor of DPP-IV, which in turn inactivates glucagon-like peptide-1 (GLP-1), an important mediator of blood glucose levels following meals. Studies suggest that ALS 2-0426 is potent, highly selective and can be administered once per day. Phase 2a studies were initiated in May in collaboration with Servier, who is the development and ex-US commercialization partner for the compound.
"We are pleased to add this clinical stage DPP-IV inhibitor to our growing portfolio of therapeutics for the treatment of metabolic diseases," said Roger M. Perlmutter, M.D., Ph.D., Amgen's executive vice president for Research and Development. "We also intend to pursue the MMP program with the hope of bringing a novel, disease modifying therapy into the clinic for osteoarthritis."