Celgene to Sell Blockbuster Drug to Amgen for $13.4b

Amgen Inc., a $23b multinational biopharmaceutical company is buying the worldwide rights to Otezla® from Celgene Corporation, a $13b developer of therapies for cancer and inflammatory diseases, for $13.4b. The acquisition complements Amgen's existing inflammation franchise of innovative biologics and biosimilar products. Otezla® (apremilast) is the only oral, non-biologic treatment for psoriasis and psoriatic arthritis. It is approved in more than 50 markets outside the U.S.and has patent exclusivity through at least 2028 in the U.S. In January, Bristol Myers-Squibb announced to acquire Celgene for $74b. As part of the agreement, Bristol-Myers and Celgene agreed to shed Otezla for regulatory concerns. Deal value - $13.4b on sales of $1.6b (8.38x)

Keywords: Healthcare Investment Banking, Healthcare M&A, Healthcare mergers