Amgen has announced the completion of the acquisition of KAI Pharmaceuticals, a privately held company based in South San Francisco, US. The acquisition is believed to have cost $315m.

The deal provides access to KAI’s lead product candidate KAI-4169, a novel agent being studied initially for the treatment of secondary hyperparathyroidism in patients with chronic kidney disease who are on dialysis.

KAI reported good Phase 2a clinical results for KAI-4169, which is administered intravenously while a patient undergoes dialysis.

Amgen will now provide funding to KAI to move the drug into final clinical trials.

Amgen shares slipped 83 cents, ending on 5 July 2012 at $74.33. The stock gained 10 cents in aftermarket trading.

Amgen has been recognised as a leader in biotech research and development by Ernst & Young, the firm’s annual biotechnology report showed that R&D spending increased 9 percent in 2011.