Amgen to Acquire Ilypsa, a Private San Francisco Bay Area Biotechnology Company Focused on Kidney Disease Care
Acquisition Provides Nephrology Leader Amgen With A Late-Stage
Selective Phosphate Binder For The Treatment of Hyperphosphatemia in
Chronic Kidney Disease Patients
THOUSAND OAKS, Calif. & SANTA CLARA, Calif.--(BUSINESS WIRE)--June
4, 2007--Amgen (NASDAQ:AMGN) announced today that it has agreed to
acquire Ilypsa, a private company developing non-absorbed drugs for
renal disorders. Ilypsa's lead drug candidate, ILY101, is a phosphate
binder for the treatment of hyperphosphatemia in chronic kidney
disease (CKD) patients on hemodialysis.
Under terms of the agreement, Amgen will pay $420 million in cash
to acquire Ilypsa. Following completion of the transaction, Ilypsa
will become a wholly-owned subsidiary of Amgen. The acquisition has
been approved by the boards of directors of each company and the
shareholders of Ilypsa. It is subject to customary closing conditions,
including regulatory approvals, and is expected to close in the third
quarter of 2007.
"Amgen is dedicated to developing medicines that improve the lives
of patients around the world. Ilypsa and ILY101 are a strategic fit
for Amgen's nephrology portfolio and further demonstrate our
commitment to explore, develop and commercialize promising therapies
that help in the fight against kidney disease and its complications,"
said George J. Morrow, Amgen's executive vice president of Global
"We are delighted to reach an agreement with Amgen that will help
drive Ilypsa's most promising therapeutic program closer to
commercialization as an important new option for patients," said Jay
Shepard, president and chief executive officer of Ilypsa.
"I am proud of the talented team at Ilypsa and believe Amgen
offers a promising future for our extraordinary drug candidates."
ILY101 is an orally administered, non-absorbed polymeric agent
that works by preventing the absorption of ingested phosphate. Studies
suggest that ILY101 may have enhanced phosphate binding selectivity
and capacity compared to currently available polymeric phosphate
binding agents. ILY101 has completed Phase 2 trials in patients with
CKD who are on hemodialysis.
Amgen discovers, develops and delivers innovative human
therapeutics. A biotechnology pioneer since 1980, Amgen was one of the
first companies to realize the new science's promise by bringing safe
and effective medicines from lab, to manufacturing plant, to patient.
Amgen therapeutics have changed the practice of medicine, helping
millions of people around the world in the fight against cancer,
kidney disease, rheumatoid arthritis, and other serious illnesses.
With a deep and broad pipeline of potential new medicines, Amgen
remains committed to advancing science to dramatically improve
people's lives. To learn more about our pioneering science and our
vital medicines, visit www.amgen.com.
Ilypsa, Inc. is a privately held biopharmaceutical company
discovering and developing a pipeline of next-generation renal care
pharmaceutical products. Pioneering the use of a proprietary high
throughput discovery and development platform, Ilypsa has rapidly
created non-absorbed polymeric phosphate and potassium binder
compounds to treat chronic kidney disease, and has additional programs
in kidney, infectious and metabolic diseases. To learn more about
Ilypsa, visit www.Ilypsa.com.
This news release contains forward-looking statements that involve
significant risks and uncertainties, including those discussed below
and others that can be found in our Form 10-K for the year ended Dec.
31, 2006, and in our periodic reports on Form 10-Q and Form 8-K. Amgen
is providing this information as of the date of this news release and
does not undertake any obligation to update any forward-looking
statements contained in this document as a result of new information,
future events or otherwise.
No forward-looking statement can be guaranteed and actual results
may differ materially from those we project. The Company's results may
be affected by our ability to successfully market both new and
existing products domestically and internationally, clinical and
regulatory developments (domestic or foreign) involving current and
future products, sales growth of recently launched products,
competition from other products (domestic or foreign), difficulties or
delays in manufacturing our products. In addition, sales of our
products are affected by reimbursement policies imposed by third-party
payors, including governments, private insurance plans and managed
care providers and may be affected by regulatory, clinical and
guideline developments and domestic and international trends toward
managed care and health care cost containment as well as U.S.
legislation affecting pharmaceutical pricing and reimbursement.
Government and others' regulations and reimbursement policies may
affect the development, usage and pricing of our products.
Furthermore, our research, testing, pricing, marketing and other
operations are subject to extensive regulation by domestic and foreign
government regulatory authorities. We or others could identify safety,
side effects or manufacturing problems with our products after they
are on the market. Our business may be impacted by government
investigations, litigation and products liability claims. Further,
while we routinely obtain patents for our products and technology, the
protection offered by our patents and patent applications may be
challenged, invalidated or circumvented by our competitors. We depend
on third parties for a significant portion of our manufacturing
capacity for the supply of certain of our current and future products
and limits on supply may constrain sales of certain of our current
products and product candidate development. In addition, we compete
with other companies with respect to some of our marketed products as
well as for the discovery and development of new products. Discovery
or identification of new product candidates cannot be guaranteed and
movement from concept to product is uncertain; consequently, there can
be no guarantee that any particular product candidate will be
successful and become a commercial product. Further, some raw
materials, medical devices and component parts for our products are
supplied by sole third-party suppliers.
CONTACT: Amgen, Thousand Oaks
David Polk, 805-447-4613 (media)
Arvind Sood, 805-447-1060 (investors)
Ilypsa, Santa Clara
William D. Waddill, 408-200-9513