Amgen Completes Five Prime Acquisition

Amgen has completed its acquisition of Five Prime Therapeutics for approximately $1.9 billion in cash. This acquisition adds Five Prime's innovative pipeline of immuno-oncology and targeted cancer therapies to Amgen's oncology portfolio.

"Five Prime fits squarely within Amgen's leading oncology portfolio and includes bemarituzumab, a Phase 3 trial-ready, first-in-class program for gastric cancer, the third leading cause of cancer mortality worldwide," said Robert A. Bradway, chairman and chief executive officer at Amgen. "Working with the dedicated professionals joining us from Five Prime, we plan to quickly move bemarituzumab into a Phase 3 study, bringing it one step closer to helping patients suffering from gastric cancer."

Five Prime's lead asset, bemarituzumab, is a first-in-class, Phase 3 ready anti-FGFR2b antibody with positive data from a Phase 2 study in frontline advanced gastric or gastroesophageal junction (GEJ) cancer. Bemarituzumab targets FGFR2b, which has been found to be overexpressed in approximately 30% of patients with non-HER2 positive gastric cancer, as well as other solid tumors.

The bemarituzumab Phase 2 FIGHT trial demonstrated clinically meaningful improvements in progression-free survival (PFS), overall survival (OS) and overall response rate (ORR) in the frontline treatment of patients with advanced gastric or GEJ cancer.

The acquisition also supports Amgen's expansion strategy in gastric cancer, which is particularly prevalent in the Asia-Pacific region, where Amgen expects to leverage its presence in Japan and other Asia-Pacific markets to maximize bemarituzumab's potential.

Following the completion of the tender offer, Franklin Acquisition Sub, Inc., a wholly owned subsidiary of Amgen, merged with and into Five Prime.