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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Amgen    AMGN

AMGEN

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Amgen : to Buy Danish Biotech Nuevolution for $167 Million

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05/22/2019 | 06:45am EDT

By Colin Kellaher

Amgen on Wednesday said it plans to buy Danish biotechnology company Nuevolution AB for about $167 million in cash.

The Thousand Oaks, Calif., biotechnology company said it will offer 32.50 Swedish kroner in cash for each share of Nuevolution, a roughly 169% premium to Tuesday's closing price of SEK12.10.

Shares of Nuevolution surged to SEK32.20 on Wednesday.

Amgen said Nuevolution's board recommends the offer, adding that holders of about 59% of Nuevolution's shares have agreed to accept the deal. Amgen said the offer, which it will fund with cash on hand, will begin around June 13.

Amgen and Nuevolution formed a multi-target collaboration in October 2016, and Amgen has exercised its contractual opt-in right for two cancer programs under the agreement.

Write to Colin Kellaher at colin.kellaher@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AMGEN 0.95% 186.47 Delayed Quote.-3.88%
NUEVOLUTION AB (PUBL) 0.00% 32.3 Delayed Quote.90.00%
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Financials ($)
Sales 2019 22 582 M
EBIT 2019 10 802 M
Net income 2019 7 634 M
Debt 2019 1 625 M
Yield 2019 3,09%
P/E ratio 2019 14,99
P/E ratio 2020 13,95
EV / Sales 2019 5,06x
EV / Sales 2020 4,81x
Capitalization 113 B
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 205 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
Robert A. Bradway Chairman & Chief Executive Officer
Esteban Santos Executive Vice President-Operations
David W. Meline CFO, Chief Accounting Officer & Executive VP
David M. Reese Executive Vice President-Research & Development
Frank C. Herringer Independent Director
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