Amgen to Pay $3.7 Billion for Immune Drugmaker ChemoCentryx (3)

Amgen Inc. will pay $3.7 billion to acquire biotech company ChemoCentryx Inc. in a move to expand its portfolio of treatments for autoimmune diseases and cancer as legacy drugs face generic competition.

Amgen will pay $52 a share in cash, the companies said Thursday in a statement. The deal is expected to close in the fourth quarter of 2022. Shares of ChemoCentryx doubled to $50.10 at 9:55 a.m. at the New York open, while Amgen gained 0.7%.

The acquisition gives Thousand Oaks, California-based Amgen another potential revenue source as sales of older products have fallen. Revenue from Enbrel, an ...