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ETFs to Tap Amgen's Drive for Cancer Deal

Mar 05, 2021 - Nasdaq
Mergers and Acquisitions

The biotech firm Amgen Inc. AMGN has agreed to buy Five Prime Therapeutics Inc. FPRX, a clinical-stage biotechnology company focused on developing immuno-oncology and targeted cancer therapies, for $1.9 billion.

Per the terms of the deal, Amgen will pay $38 per share in cash for each Five Prime share outstanding, marking a 78.7% premium over its closing stock price of $21.26 on Mar 3. The transaction, which was approved by the Boards of Directors of both companies, is expected to close by ...