US-based pharmaceutical firm Amgen is to acquire the Germany-based biotechnology company Micromet in a deal that values the company at approximately $1.16bn.

Amgen’s offer of $11 per share in cash was unanimously approved by Micromet’s board of directors, and a subsidiary of Amgen will now commence a tender offer in order to acquire all outstanding shares of Micromet’s common stock.

The acquisition includes the Bispecific T cell Engager (BiTE) antibody blinatumomab, which is currently in Phase 2 clinical development for the treatment of acute lymphoblastic leukemia, and also currently being assessed in its ability to treat non-Hodgkin’s lymphoma.

Amgen will also acquire proprietary BiTE technology, potential milestone and royalty payments due from existing licensees to Micromet, unencumbered rights to solitomab, and the company’s research and development centre in Munich, which will now operate as an Amgen R&D centre of excellence.

Amgen chairman and CEO Kevin Sharer said, "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."

The transaction is expected to close in Q1 2012.

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