RTTNews | Jul 27, 2021 06:37PM EDT

18:37 Tuesday, July 27, 2021 (RTTNews.com) - Amgen Inc. (AMGN) Tuesday said it has agreed to buy Teneobio, a privately acquired company, for $900 million.

Teneobio develops Human Heavy-Chain Antibiotics. This technology will help Amgen discover and develop new molecules that will treat a wide range of diseases which fall in Amgen's core therapeutic range.

The acquisition is also subject to future contingent milestone payments worth $1.6 billion. Amgen exercised it's right to acquire in June with the process to complete in the second half of 2021.

"Teneobio's antibody platform complements our existing capabilities and could potentially give us a more diverse set of building blocks that can be developed into new multispecific therapeutics. In addition, the availability of Teneobio's CD3 engager technology will allow us to broaden our capabilities in generating bispecifics and with our own technology, enable customization of the T cell engaging domain of the molecules depending on the disease and target," said David Reese, EVP of Research and Development at Amgen.

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