Amgen to buy inflammation drug co. Avidia for up to $380M
Biotech giant Amgen said it has agreed to buy Mountain View-based Avidia for up to $380 million.
Under the accord, expected to be completed this year, Amgen of Thousand Oaks will pay $290 million in cash and up to $90 million more if Avidia meets certain milestones developing its drugs.
Avidia has only 37 employees, and at $380M, that means each employee is responsible for more than $10M, if they do get the full price. The company uses proteins to develop drugs to treat inflammation, autoimmune diseases and other ailments.
The Merc has a good story about how it is the latest move by Amgen to become a big player in the SF Bay Area.
Avidia’s venture investors have got to be happy. They pumped in only about $76 million. Backers include Alloy, HealthCare Ventures, MedImmune, Morgenthaler, Skyline Ventures and TPG Ventures.
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