Markets finish week down after bouncing on Bannon's exit >>> READ MORE

Biopharma’s 6 Biggest Deals: Were They Worth It?

With Amgen set to drop $10.4 billion on Onyx, investors are wondering how effective super-sized biopharma acquisitions are

      View All  

Amgen (Immunex)

Amgen 185As it turns out, the Onyx deal isn’t the biggest merger Amgen has made. The company also acquired Immunex back in December of 2001 — before mega-deals were en vogue — for a whopping $15.9 billion. The deal gave Amgen control of the rheumatoid arthritis drug Enbrel.

At the time, Enbrel was the fastest-growing ‘biologic’ … a relatively young class of drug at the time. Amgen’s then-CEO, Kevin Sharer, opined the drug could eventually produce sales of $3 billion, and maybe even more.

But every biotech company must face the same question: Will the drug come anywhere close to producing those results? In this case, the answer was a resounding yes. Between Amgen and selling partner Pfizer (PFE), Enbrel‘s sales exceeded $8 billion in 2012.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC