Amgen signs product agreement with Biovitrum

Amgen has announced an agreement with Biovitrum to sell Kepivance (palifermin) and Stemgen (ancestim).

In addition to these marketed biologic therapeutic products, Biovitrum has also acquired an exclusive worldwide license for Kineret (anakinra) for its current approved indication.

Under the terms of the deal, Biovitrum will pay an initial fee of around $130 million (72 million pounds) as $110 million in cash and $20 million in shares.

Amgen will also be eligible for contingent payment and sales milestones, in addition to potential royalties in the event of Boivitrum developing modified forms of Kineret.

In 2007, sales of Kepivance, Stemgen and Kineret generated combined sales of almost $70 million.

Kevin Sharer, chairman and chief executive officer of Amgen, said: “We are pleased that Biovitrum, a trusted business partner, has agreed to take on these important medicines and plans to continue making them available to the patients who need them.”

He added that the agreement will allow the company to better focus on the development of novel compounds for serious diseases and expanding its core products to a larger number of patients world.

Last week, Amgen announced plans to present key clinical trial data of denosumab at the annual meeting of the American Society of Bone and Mineral Research.