Ayala Pharmaceuticals Inc (ADXS)

[rmarc]

Amgen dumps NEO, votes thumbs down on ADXS & ADXS "LM Technology Platform" & buys out Nuevolution

"Amgen thinks Nuevolution can quickly find candidates for hard-to-hit targets. (Amgen)

Amgen has offered $167 million (€150 million) to buy Nuevolution. The takeover will give Amgen control of a drug discovery platform that landed Nuevolution deals with leading companies plus a pipeline of early-stage cancer and inflammation programs.

Denmark’s Nuevolution made a name for itself over the past decade through a series of deals with major drugmakers including GlaxoSmithKline, Johnson & Johnson, Merck and Novartis. In parallel, Nuevolution began using its drug discovery platform to generate internal candidates against targets including ROR?t, BET and IL-17A.

Amgen struck an oncology and neuroscience drug discovery deal worth up to $410 million in 2016 and went on to exercise its rights to the first two cancer programs to result from the collaboration.


Now, Amgen has decided it wants more from Nuevolution than just the drugs covered by the deal. Amgen has persuaded Nuevolution’s board and major shareholders to support a takeout offer worth around $167 million. The bid represents a 169% premium over Nuevolution’s share price just prior to news of the deal and a 69% premium over its highest trading price over the past year".......Another slap in the face from Amgen to ADXS & ADXS shareholders.