Amgen has entered an agreement to acquire biotechnology company Micromet, for approximately $1.2 billion in cash. The company was founded in Germany with its R&D center in Munich and headquarters in Rockville, MD.

The acquisition includes blinatumomab, a Bispecific T cell Engager (BiTE) antibody in Phase II development for acute lymphoblastic leukemia (ALL). Blinatumomab is also in clinical development for the treatment of non-Hodgkin’s lymphoma (NHL), and could have applications in other hematologic malignancies. Amgen also gains Micromet’s BiTE antibody technology, along with potential milestone and royalty payments from existing licensees of BiTE and other technologies, and Micromet’s Munich site, which will operate as an Amgen R&D center of excellence.  

“The acquisition of Micromet is an opportunity to acquire an innovative oncology asset with global rights and a validated technology platform with broad potential clinical applications,” said Kevin Sharer, chairman and chief executive officer at Amgen. “Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercializing therapeutics to treat patients with grievous illness.”

“We believe that this transaction represents an attractive opportunity for Micromet, its stockholders and cancer patients,” said Christian Itin, Ph.D., Micromet’s president and chief executive officer. “Amgen’s extensive resources and experience in the development and commercialization of biologics promise to speed blinatumomab’s path to market, expand its development across a broader range of B-cell malignancies and maximize the full potential of our novel BiTE technology.”