Amgen completed the acquisition of Nuevolution for $167m.

Amgen, the world’s largest biotechnology company, completed the acquisition of Scandinavian biopharmaceutical company Nuevolution for $167m to boost its position in drug discovery. Amgen, which is grappling with competition to its new migraine treatment Aimovig and cholesterol fighter Repatha, said it had collaborated with Nuevolution since 2016 and that it had exercised opt-in rights for two cancer treatment approaches that have emerged from the alliance. “We have conducted a comprehensive analysis to ensure that we are acting in the best interest of the company and the shareholders. Considering the significant premium and the undertakings from the three largest shareholders to accept the offer, our conclusion is that the offer is fair and we are unanimous in the decision to recommend the offer of SEK 32.50 per share,” Stig Løkke Pedersen, Nuevolution Chairman of the Board of Directors.