Micromet Up 33% After Acquisition Announcement

Shares of Mircomet MITI are up 33% after the company announced that it would be acquired by Amgen AMGN. Amgen and Micromet, Inc. today announced that the companies have entered into a definitive merger agreement under which Amgen will acquire Micromet, a biotechnology company founded in Germany with its research and development center in Munich and headquarters in Rockville, Md., for $11 per share in cash. The transaction, which values Micromet at approximately $1.16 billion, was unanimously approved by both the Amgen and Micromet Boards of Directors. The acquisition includes blinatumomab, a Bispecific T cell Engager antibody in Phase 2 clinical development for acute lymphoblastic leukemia. Blinatumomab is also in clinical development for the treatment of non-Hodgkin's lymphoma, and could have applications in other hematologic malignancies.