ChemoCentryx Shares up 110%, Amgen Agrees to Acquire Co.

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By Stephen Nakrosis

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Shares of ChemoCentryx Inc. were trading higher on the Nasdaq Thursday, following news Amgen Inc. agreed to acquire the company.

Under the terms of the deal, Amgen will pay $52 per share in cash for ChemoCentryx, giving the deal an enterprise value of about $3.7 billion, the companies said.

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At 3:41 pm ET, shares of ChemoCentryx were trading 110.5% higher at $50.74. Volume at the time topped 32.3 million shares, above the stock’s 65-day average volume of some 1.3 million shares.

Earlier in the session, the stock touched a 52-week high of $50.90.

Among ChemoCentryx’s products is Tavneos, a treatment for anti-neutrophil cytoplasmic autoantibody-associated vasculitis, an autoimmune disease which can cause damage to blood vessels. Tavneos is approved for use in the US and in other markets, including the European Union and Japan, the companies said.

Write to Stephen Nakrosis at [email protected]

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Credit: www.marketwatch.com /

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