AMGEN, the world’s biggest biotechnology company, made its fortune from a drug that fortifies the blood of patients who are undergoing dialysis. On December 17th, the California company acquired some new blood of its own with the purchase of Immunex, a Seattle-based biotechnology company, for $16 billion.
This deal, a biotech-industry record, gives Amgen a firm footing in the multibillion-dollar market in inflammation control. Immunex’s most profitable product is Enbrel, a treatment for rheumatoid arthritis.(46) Amgen hopes to triple the drug’s sales to more than $3 billion by 2005, widening its use to other diseases and overcoming manufacturing constraints that have kept the drug in short supply.
With this takeover, Immunex passes from one parent to another. American Home Products (AHP) holds 41% of the shares, and has given the firm sales and marketing support. (47)But AHP (American Household Products) has been selling down its stake
AMGEN, the world’s biggest biotechnology company, made its fortune from a drug that fortifies the blood of patients who are undergoing dialysis. On December 17th, the California company acquired some new blood of its own with the purchase of Immunex, a Seattle-based biotechnology company, for $16 billion.
This deal, a biotech-industry record, gives Amgen a firm footing in the multibillion-dollar market in inflammation control. Immunex’s most profitable product is Enbrel, a treatment for rheumatoid arthritis.(46) Amgen hopes to triple the drug’s sales to more than $3 billion by 2005, widening its use to other diseases and overcoming manufacturing constraints that have kept the drug in short supply.
With this takeover, Immunex passes from one parent to another. American Home Products (AHP) holds 41% of the shares, and has given the firm sales and marketing support. (47)But AHP (American Household Products) has been selling down its stake
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