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October 2, 2006
BUSINESS
Amgen Will Acquire Protein Specialist Avidia
Purchase will give biotech giant access to new 'bead' technology
Rick Mullin
Amgen has agreed to acquire Avidia, a California-based biotech company that discovered and develops a new class of human therapeutics known as Avimer proteins, for $290 million. Amgen will pay an additional $90 million upon the completion of certain performance milestones.
Avidia focuses on therapies consisting of single protein chains composed of modular binding sites, like beads on a string. Each bead is designed to bind to a particular target site, a strategy that affords greater control of the amount of a drug reaching specific targets.
"The Avimer technology is among the most attractive protein-based technologies currently under development," says Roger M. Perlmutter, executive vice president for research at Amgen. "Avimers may have several advantages as therapeutic products in terms of biological activity, tissue distribution, reduced immunogenicity, and improved manufacturing efficiencies."
Amgen will also get Avidia's lead product candidate, C326, an inhibitor of interleukin 6 for the treatment of inflammation and autoimmune diseases. It is currently in Phase I clinical trials for the treatment of Crohn's disease.
Avidia was formed in 2003 as a spin-off from Maxygen. It will become a wholly owned subsidiary of Amgen upon completion of the deal.
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