Amgen To Acquire Ilypsa

Amgen has plans to acquire Ilypsa, a private biotechnology company developing non-absorbed drugs for renal disorders, for $420 million in cash. Ilypsa’s lead drug candidate, ILY101, is a phosphate binder for the treatment of hyperphosphatemia in chronic kidney disease (CKD) patients on hemodialysis. Under terms of the agreement, Ilypsa will become a wholly-owned subsidiary of Amgen. The acquisition has been approved by the boards of directors of each company and the shareholders of Ilypsa. Subject to customary closing conditions, the transaction is expected to close in 3Q2007.

“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.

“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, president and chief executive officer of Ilypsa. “I am proud of the talented team at Ilypsa and believe Amgen offers a promising future for our extraordinary drug candidates.”

ILY101, an oral agent that works by preventing the absorption of ingested phosphate, has completed Phase II trials in patients with CKD who are on hemodialysis.