By Stephen Nakrosis
Amgen Inc. on Tuesday said it agreed to acquire privately-held Rodeo Therapeutics Corp.
Amgen said the biopharmaceutical company "develops small-molecule therapies designed to promote regeneration and repair of multiple tissues."
The deal will see Amgen "acquire all outstanding shares of Rodeo in exchange for a $55 million upfront payment as well as future contingent milestone payments potentially worth up to an additional $666 million in cash," Amgen said.
The deal has received the approval of Rodeo's shareholders and board.
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(END) Dow Jones Newswires