ChemoCentryx, Inc. (NASDAQ: CCXI) is engaged as a biopharmaceutical company that is focused on the research, development and commercialization of new treatments for inflammatory and autoimmune diseases and cancer. Shares of the biopharma company are skyrocketing 109% through early trading on Thursday, August 4, 2022. Over the past three months, ChemoCentryx has seen average daily volume of 1.35 million shares. However, volume of 22.9 million shares or dollar volume of around $1.15 billion, has already exchanged hands through early trading.
Shares of ChemoCentryx are soaring after the company announced it has entered into a definitive agreement to be acquired by Amgen, Inc. (NASDAQ: AMGN) for $52 per share in cash, which reflects an enterprise value of $3.7 billion. The acquisition helps to bolster Amgen’s inflammation and nephrology portfolio with the addition of TAVNEOS, a first-in-class treatment for ANCA-associated vasculitis.
TAVNEOS is an orally-administered selective complement component 5a receptor inhibitor, which was approved by the U.S. Food and Drug Administration in October 2021. The treatment is also approved in the European Union and Japan. U.S. sales alone of TAVNEOS during the first quarter of 2022 came in at $5.4 million. Aside from TAVNEOS, Amgen will acquire three early-stage drug candidates from ChemoCentryx that target the chemoattractant receptors for other types of inflammatory diseases.
The transaction is still subject to ChemoCentryx shareholder approval, as well as from regulatory officials. Both companies do estimate the transaction will close sometime during the fourth quarter of 2022.
“The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with TAVNEOS, a transformative, first-in-class treatment for ANCA-associated vasculitis,” said Robert A. Bradway, chairman and chief executive officer at Amgen. “We are excited to join in the TAVNEOS launch and help many more patients with this serious and sometimes life-threatening disease for which there remains significant unmet medical need. We also look forward to welcoming the highly skilled team from ChemoCentryx that shares our passion for serving patients suffering from serious diseases.”
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