©2020 FOX News Network, LLC. ``This is a compelling strategic transaction and an excellent opportunity for the shareholders, employees and partners of both companies,'' Amgen Chairman and Chief Executive Kevin Sharer said in a statement, ``and we expect it will generate significant benefits for hundreds of thousands of patients around the world.''. The deal calls for the exchange of each Immunex common share for 0.44 of an Amgen common share and $4.50 in cash, or a total of 85 percent in stock and 15 percent in cash. All rights reserved. As part of the agreement, Amgen will acquire the 41% stake in Immunex held by American Home Products Corporation, for the same purchase price per share, giving AHP an 8% stake in the new company. Immunex was formed during the start of the biotechnology craze of the early 1980s. NEW YORK – Amgen Inc. said on Monday it plans to buy smaller rival Immunex Corp., maker of rheumatoid arthritis drug Enbrel, for about $16 billion in cash and stock in the largest-ever biotechnology merger. Manufacturing constraints have hampered Enbrel sales, and demand has exceeded supply. All rights reserved. Immunex in … At Amgen, our mission is to serve patients. ``We are very pleased with today's announcement by Amgen and Immunex,'' said American Home President and Chief Executive Robert Essner. By combining the most successful biotech company with one of the industry's fastest growing companies, the transaction will enhance Amgen's position as the biotechnology leader with an unparalleled portfolio of drugs. ``Amgen shares our belief in the huge potential of Enbrel in the robust and growing inflammation market.''. All market data delayed 20 minutes. The company estimated ``cost synergies'' of more than $200 million in 2003 and more than $250 million in 2004. With a presence in approximately 100 countries, we are proud to have reached millions of people with our products. The deal, which sources disclosed late last week, would create a $72 billion biotechnology behemoth with added research strength and the financial muscle to buy late-stage development drugs from competitors. Thousand Oaks, California-based Amgen would pay about $30 per share for Immunex, about 17 percent more than Friday's closing price and nearly 23 percent more than the closing price on Wednesday, the day before word of a possible deal leaked out. The appeals court rejected an argument by Amgen's Immunex subsidiary that the PTAB's inter partes review decision was based on an incorrect holding that in … All market data delayed 20 minutes. All quotes delayed a minimum of 15 minutes. Amgen is committed to patient safety and continually monitors the safety and quality of our products. Amgen Biotechnology Thousand Oaks, CA JOEL PETER ZINGERMAN JOEL PETER ZINGERMAN Medical Practice ... Immunex | 863 followers on LinkedIn | LinkedIn. Our Standards: The Thomson Reuters Trust Principles. or redistributed. Drug giant American Home Products Corp., which owns about 41 percent of Immunex, has agreed to vote in favor of the merger, the companies said. In March, the company said tests of Enbrel in chronic heart-failure patients had not proved effective, eliminating a potentially lucrative application for the drug. According to a statement, the acquisition will bring together two of the world's fastest growing biotechnology companies, representing a key step in accelerating Amgen's long-term growth. Investors also expressed concern that the purchase would hurt the company's earnings for years to come and sent Amgen stock down to $56.03 on Friday, a 13 percent drop from Wednesday's close. 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