Amgen to Acquire Rodeo Therapeutics

 Preclinical Program Targeting 15-PGDH has Potential use in a Broad Range of Therapeutic Applications Including Inflammatory Disease Indications

Amgen Inc. (NASDAQ:AMGN) and Rodeo Therapeutics Corporation (Rodeo) today announced an agreement under which Amgen will acquire Rodeo, a privately held biopharmaceutical company based in Seattle that develops small-molecule therapies designed to promote regeneration and repair of multiple tissues. Rodeo's 15-PGDH program is a strong strategic fit with Amgen's inflammation portfolio and efforts to develop first-in-class therapeutics for patients.

Under terms of the agreement, Amgen will acquire all outstanding shares of Rodeo in exchange for a $55 million upfront payment as well as future contingent milestone payments potentially worth up to an additional $666 million in cash. The transaction has been approved by the shareholders and the Board of Directors of Rodeo.

Rodeo is focused on developing first-in-class, orally available modulators of prostaglandin biology that play an important role in tissue regeneration and repair. Rodeo's lead 15-prostaglandin dehydrogenase (15-PGDH) modulators have generated compelling data in extensive preclinical studies and have clinical potential in multiple indications.

https://finance.yahoo.com/news/amgen-acquire-rodeo-therapeutics-corporation-200000271.html