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Five Prime Therapeutics Stock Rockets On Amgen’s $1.9 Billion Takeover

Amgen (AMGN) said Thursday it will spend $1.9 billion to buy Five Prime Therapeutics (FPRX), a small biotech company with a promising stomach cancer drug. The news sent FPRX stock rocketing.




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The deal includes bemarituzumab, a potential stomach cancer treatment ready to begin Phase 3 testing, Amgen said in a news release. Amgen Chief Executive Robert Bradway called the Five Prime buyout a “compelling opportunity” for his company.

“We look forward to welcoming the Five Prime team to Amgen and working with them to leverage our best-in-class monoclonal antibody manufacturing capabilities to supply additional clinical materials, as well as expanded production quantities, to realize the full potential of bemarituzumab for even more patients around the world as quickly as possible,” he said in a written statement.

In premarket trading on the stock market today, FPRX stock catapulted 78.2% near 37.90. Amgen shares inched ahead a fraction, near 224.50.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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