GTC Biotherapeutics (fka GTCB)

[Biowatch]

BioPhD Thx. Perhaps we could continue this discussion on Biotech Values, since it isn't GTCB related.

IIRC = If I Recall Correctly

AMGN wanted ABGX primarily for panitumumab and for their manufacturing capabilities. (ABGX had built a large manufacturing plant.) My recollection was that AMGN laid off most of Abegenix's non-manufacturing staff but I don't have a reference for it. I supposes comparing ABGX old list of projects to AMGN's pipeline would answer this.

From Amgen's Dec. 14, 2005 PR:
"Amgen expects to retain substantially all of the Abgenix manufacturing employees. Amgen and Abgenix will be reviewing ongoing business needs and opportunities at Amgen with Abgenix's employees in the coming months."

and:
>"Abgenix is a natural strategic fit for Amgen given our strong existing relationship. Amgen has been intimately involved in all aspects of the development and commercialization of panitumumab over the last few years, providing us with substantial and realistic insight into the value of, and significant opportunities for, this cancer therapeutic. This investment reflects Amgen's commitment to our pipeline and our growing confidence in the future success of both panitumumab and denosumab," said Kevin Sharer, president and chief executive officer of Amgen.<

http://wwwext.amgen.com//media/media_pr_detail.jsp?year=2005&releaseID=795932