Amgen takes BiTE of biotech company

US biopharma corporation Amgen has signed a merger agreement to acquire German biotech company Micromet for $1.16 billion.

The deal will bring Amgen a new leukaemia drug and the BiTE drug development technology, potentially applicable to a range of blood cancers.

Micromet’s Munich site will become an Amgen R&D facility.

Amgen will gain the rights to:

• the Bispecific T cell Engager (BiTE) antibody technology, a validated platform for drug development in oncology

• blinatumomab, a BiTE antibody in Phase 2 development for treatment of acute lymphoblastic leukemia (ALL) and in early development for treatment of non-Hodgkin's lymphoma (NHL)

• solitomab, a BiTE antibody in Phase 1 development for treatment of advanced solid tumours.

“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,” said Kevin Sharer, CEO of Amgen.

“Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercialising therapeutics to treat patients with grievous illness.”

Christian Itin, CEO of Micromet, commented: “Amgen's extensive resources and experience in the development and commercialisation of biologics promise to speed blinatumomab's path to market, expand its development across a broader range of B-cell malignancies and maximise the full potential of our novel BiTE technology.”