Amgen buying private drug developer Ilypsa

THOUSAND OAKS, Calif. – Biopharmaceuticals giant Amgen Inc. (Nasdaq: Amgen) last night announced it has agreed to acquire Ilypsa, a private company dedicated to developing non-absorbed drugs for renal disorders, for $420 million in cash.
The transaction will make the Santa Clara, Calif.-based company a wholly-owned subsidiary of Amgen. It has been approved by both companies’ boards of directors and by Ilypsa shareholders, Amgen said. The deal is expected to close in the third quarter, subject to regulatory approval and other customary conditions.
“Ilypsa and ILY101 are a strategic fit for Amgen’s nephrology portfolio and further demonstrate our commitment to explore, develop and commercialize promising therapies that help in the fight against kidney disease and its complications,” said George J. Morrow, Amgen’s executive vice president of global commercial operations.
ILY101 – Ilypsa’s lead drug candidate – is an orally administrated phosphate binder developed to treat hyperphosphatemia in patients with chronic kidney disease. It has completed Phase 2 trials in human CKD patients who are on hemodialysis.
“We are delighted to reach an agreement with Amgen that will help drive Ilypsa’s most promising therapeutic program closer to commercialization as an important new option for patients,” said Jay Shepard, Ilypsa’s president and CEO.
Ilypsa Inc. develops phosphate and potassium binders to treat CKD as well as other treatments for kidney, infectious and metabolic diseases. To learn more, visit www.Ilypsa.com.
Amgen Inc. (Nasdaq: AMGN) – based in Thousand Oaks, Calif., with operations in 10 other U.S. locations, including West Greenwich – develops and produces new medicines for human use. Additional information is available at www.amgen.com.