U.S. biotechnology giant Amgen (NASDAQ:AMGN) inked a deal to buy Decode Genetics on Monday for $415 million in cash as it looks to enhance in drug portfolio by better discovering what drives human disease.
Founded in 1996, Reykjavik, Iceland-based Decode is a global leader in analyzing the link between the genome and disease susceptibility. The company has discovered genetic risk factors for dozens of diseases, including cardiovascular disease and certain cancers.
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"This capability will enhance our efforts to identify and validate human disease targets,” Amgen CEO Robert Bradway said in a statement. “This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets while avoiding investments in programs based on less well-validated targets."
Decode went public in 2000 but filed for bankruptcy and reemerged as a privately-held company nine years later following several years of weak financial performance.
Its transaction with Thousand Oaks, Calif.-based Amgen does not require regulatory approval and is expected to close before the end of the year.