With analysts turning critical over a questionable pipeline, Amgen has agreed to pay $420 million to snap up Ilypsa, a private biotech that's been developing a new therapy for kidney disease. Ilypsa's been developing ILY101 to treat high levels of phosphate in the blood of chronic kidney disease patients on hemodialysis. The drug is not absorbed by the body, raising the prospect for lower daily doses with fewer side effects and greater tolerability. Turning to acquisitions is likely to be expensive in today's high-priced environment, but with its bestselling anemia drugs suffering, Amgen clearly sees the need to take action to keep its critics at bay. Ilypsa has raised $46 million in venture capital funds. Santa Clara, CA-based Ilypsa wrapped enrollment of a mid-stage trial of ILY101 last February.
- check out the announcement on the deal
- read the CNN report on the deal
ALSO: The buyout is expected to deliver big rewards for Symyx Technologies, which spun out Ilypsa in 2003. Release