ChemoCentryx Stock More Than Doubles On $4B Buyout

Amgen Inc AMGN has agreed to acquire ChemoCentryx Inc CCXI for $52 per share in cash, representing an enterprise value of approximately $3.7 billion.
"The acquisition of ChemoCentryx represents a compelling opportunity for Amgen to add to our decades-long leadership in inflammation and nephrology with Tavneos (avacopan), a transformative, first-in-class treatment for ANCA-associated vasculitis," said Robert Bradway, chairman & CEO of Amgen.
U.S. sales of Tavneos in Q1 of 2022, the first full quarter of sales, were $5.4 million. The drug is also approved in Europe and Japan.
Vifor Fresenius Medical Care Renal Pharma Ltd. will retain exclusive rights to commercialize Tavneos outside the U.S., except in Japan, where Kissei Pharmaceutical Co., Ltd. holds commercialization rights, and Canada, where Otsuka Canada Pharmaceutical holds commercialization rights.
ChemoCentryx has three early-stage drug candidates that target chemoattractant receptors in other inflammatory diseases and an oral checkpoint inhibitor for cancer.
The transaction is expected to close in the fourth quarter of 2022.
Price Action: CCXI 110.2% at $50.69 during the premarket session on the last check Thursday.