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.
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