Amgen To Acquire Teneobio in $2.5-Bn DealBy
Amgen has agreed to acquire Teneobio, a Newark, California-based clinical-stage bio/pharmaceutical company developing human heavy-chain antibodies, in a deal worth up to $2.5 billion ($900 million upfront and up to an additional $1.6 billion in contigent milestone payments).
The acquisition includes Teneobio’s bispecific and multispecific antibody technologies, which enable the discovery and development of new molecules that have the potential to treat a wide range of diseases across Amgen’s core therapeutic areas. These platforms complement Amgen’s existing antibody capabilities with the addition of a heavy-chain only platform that allows a sequence-based discovery approach for target binders. They also include Teneobio’s T-cell engager platform, which expands on Amgen’s existing position in bispecific T-cell engagers by providing a complementary approach to Amgen’s current BiTE platform, a proprietary bispecific T cell engager platform.
Amgen will also gain Teneobio’sTNB-585, a Phase I bispecific T cell-engager for treating metastatic castrate-resistant prostate cancer as well as several preclinical oncology pipeline assets with the potential for near-term investigational new drug (IND) filings. TNB-585 complements Amgen’s existing prostate-cancer portfolio, which includes acapatamab and AMG 509, both in Phase I development.
Under the agreement, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a $900 million upfront cash payment as well as future contingent milestone payments to Teneobio equity holders potentially worth up to an additional $1.6 billion in cash. The acquisition is expected to close in the second half of 2021.
In June 2021, AbbVie acquired TeneoOne, a Teneobio affiliate, which includes TNB-383B, an anti-CD3/BCMA (B-cell maturation antigen) bispecific antibody for treating relapsed or refractory multiple myeloma. Prior to the close of the Amgen acquisition, three Teneobio affiliates that represent specific drug programs will be spun off to Teneobio’s existing equity holders: TeneoTwo (anti-CD19/CD3), TeneoFour (anti-CD38 enzyme inhibitor) and TeneoTen (anti-HBV/CD3).