S&C Represents Amgen in Acquisition of Rights to Celgene’s Otezla®August 27, 2019
Amgen has agreed to acquire from Celgene Corporation the worldwide rights to Otezla®, a treatment for psoriasis and psoriatic arthritis, and other related assets and liabilities. The deal was made in connection with Bristol-Myers Squibb's acquisition of Celgene. Amgen will pay $13.4 billion in cash, or approximately $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits. The deal will allow Amgen to provide patients with an innovative oral therapy for psoriasis and psoriatic arthritis that complements the company's long-standing expertise in psoriasis and inflammation.
The deal was led by M&A partners Frank Aquila and Matt Hurd, special counsel Anca Mihaela Paraian and associate June Hu. The team also included Heather Coleman (executive compensation), Ronald Creamer (tax), Nader Mousavi and Justin Orr (intellectual property) and Renata Hesse and Michael Rosenthal. French law matters were handled by partner Olivier de Vilmorin in Paris.
A biotechnology pioneer since 1980, Amgen has grown to be one of the world's leading independent biotechnology companies, reaching millions of patients around the world and developing a pipeline of medicines with breakaway potential.