Biovitrum to Acquire Kepivance® and Stemgen® and Exclusively License
Kineret® from Amgen
STOCKHOLM, Sweden and THOUSAND OAKS, California, USA - September 15,
2008. Biovitrum AB (publ) (STO:BVT) and Amgen (NASDAQ:AMGN)
announced today that they have entered into an agreement under which
Biovitrum will acquire the marketed biologic therapeutic products
Kepivance® (palifermin) and Stemgen® (ancestim) from Amgen, and
will also obtain from Amgen a worldwide exclusive license to Kineret®
(anakinra) for its current approved indication. The agreement
includes an inventory of the three products at an undisclosed value.
Kineret, Kepivance and Stemgen generated combined sales of nearly $70
million in 2007.
The financial terms of the transaction include an upfront payment of
approximately $130 million, consisting of $110 million in cash and
ordinary shares of Biovitrum, representing a value of $20 million at
the time of closing, subject to certain adjustments provided in the
acquisition agreement. In addition, the agreement provides for the
payment of sales milestones and additional contingent payments under
certain circumstances, including, without limitation, potential
royalties in the event that Biovitrum develops modified forms of
Kineret. Biovitrum will finance the cash portion of the transaction
with debt and existing cash. The transaction is expected to close by
the end of 2008."The acquisition of these exciting biotechnology therapeutics is
fully in line with our business strategy and roadmap for growth We
will now expand Biovitrum's presence to include North America,
Europe, Australia and New Zealand, which will enable us to serve
patients with unmet medical needs in these regions," said Martin
Nicklasson, CEO of Biovitrum. "Moreover, the new products will add
valuable momentum to our top line performance as well as additional
cash flow. The successful agreement is also a validation of our good
and strong relationship with Amgen," Nicklasson added."We are pleased that Biovitrum, a trusted business partner, has
agreed to take on these important medicines and plans to continue
making them available to the patients who need them," said Kevin
Sharer, Amgen Chairman and CEO, "This deal will allow Amgen to focus
its resources on developing new, innovative therapies for serious
illnesses, and on expanding its core products to benefit more
patients in markets around the world," Sharer added.
About Kineret® (anakinra)
Information about Kineret® can be found at the following Amgen site:
http://www.amgen.com/patients/products_kineret.html
Healthcare professionals should refer to and rely upon the PDR
(Physician's Desk Reference) or the corresponding national labeling
texts, and not the information at the Amgen site.
About Kepivance® (palifermin)
Information about Kepivance® can be found at the following Amgen
site:
http://www.amgen.com/patients/products_kepivance.html
Healthcare professionals should refer to and rely upon the PDR
(Physician's Desk Reference) or the corresponding national labeling
texts, and not the information at the Amgen site.
About Stemgen® (ancestim)
Information about Stemgen® can be found at the following Amgen site:
http://www.amgen.com.au/patients/products_enbrel.html
Healthcare professionals should refer to national labeling texts, and
not the information at the Amgen site.
About Biovitrum
Biovitrum is a pharmaceutical company with operations in Sweden and
in the UK. The company markets a range of specialist pharmaceuticals
primarily in the Nordic countries. Using its expertise and experience
Biovitrum takes scientific innovation all the way to the market and
to specialist indication patients with significant medical need.
Research expertise and capabilities include development and
production of biotechnology therapeutics, as well as small molecule
discovery and development. With revenues of approximately SEK 1.3
billion and around 500 employees, Biovitrum is a significant European
specialty pharmaceutical player. It is listed on the OMX Nordic
Exchange in Stockholm. For more information go to www.biovitrum.com
About Amgen
Amgen discovers, develops, manufactures and delivers innovative human
therapeutics. A biotechnology pioneer since 1980, Amgen was one of
the first companies to realize the new science's promise by bringing
safe and effective medicines from lab, to manufacturing plant, to
patient. Amgen therapeutics have changed the practice of medicine,
helping millions of people around the world in the fight against
cancer, kidney disease, rheumatoid arthritis, and other serious
illnesses. With a deep and broad pipeline of potential new medicines,
Amgen remains committed to advancing science to dramatically improve
people's lives. To learn more about our pioneering science and our
vital medicines, visit www.amgen.com
Forward looking statement: Biovitrum
Statements included herein that are not historical facts are
forward-looking statements. Such forward-looking statements involve a
number of risks and uncertainties and are subject to change at any
time. In the event such risks or uncertainties materialize,
Biovitrum's results could be materially affected. The risks and
uncertainties include, but are not limited to, risks associated with
the inherent uncertainty of pharmaceutical research and product
development, manufacturing and commercialization, the impact of
competitive products, patents, legal challenges, government
regulation and approval, Biovitrum's ability to secure new products
for commercialization and/or development and other risks and
uncertainties detailed from time to time in Biovitrum AB's interim or
annual reports, prospectuses or press releases.
Forward looking statement: Amgen
This news release contains forward-looking statements that involve
significant risks and uncertainties, including those discussed below
and others that can be found in Amgen's Form 10-K for the year ended
December 31, 2007, and in its periodic reports on Form 10-Q and Form
8-K. Amgen is providing this information as of the date of this news
release and does not undertake any obligation to update any
forward-looking statements contained in this document as a result of
new information, future events or otherwise.
No forward-looking statement can be guaranteed and actual results may
differ materially from those Amgen projects. Amgen's results may be
affected by Amgen's ability to successfully market both new and
existing products domestically and internationally, clinical and
regulatory developments (domestic or foreign) involving current and
future products, sales growth of recently launched products,
competition from other products (domestic or foreign), difficulties
or delays in manufacturing its products. In addition, sales of Amgen
products are affected by reimbursement policies imposed by
third-party payors, including governments, private insurance plans
and managed care providers and may be affected by regulatory,
clinical and guideline developments and domestic and international
trends toward managed care and healthcare cost containment as well as
U.S. legislation affecting pharmaceutical pricing and reimbursement.
Government and others' regulations and reimbursement policies may
affect the development, usage and pricing of Amgen products.
Furthermore, Amgen's research, testing, pricing, marketing and other
operations are subject to extensive regulation by domestic and
foreign government regulatory authorities. Amgen or others could
identify safety, side effects or manufacturing problems with Amgen
products after they are on the market. Amgen's business may be
impacted by government investigations, litigation and products
liability claims. Further, while Amgen routinely obtains patents for
its products and technology, the protection offered by its patents
and patent applications may be challenged, invalidated or
circumvented by its competitors. Amgen depends on third parties for
a significant portion of its manufacturing capacity for the supply of
certain of its current and future products and limits on supply may
constrain sales of certain of its current products and product
candidate development. In addition, Amgen competes with other
companies with respect to some of its marketed products as well as
for the discovery and development of new products. Discovery or
identification of new product candidates cannot be guaranteed and
movement from concept to product is uncertain; consequently, there
can be no guarantee that any particular product candidate will be
successful and become a commercial product. Further, some raw
materials, medical devices and component parts for Amgen products are
supplied by sole third-party suppliers.
For more information please contact:
Biovitrum
Martin Nicklasson, CEO
Phone: +46 8 697 2545
Göran Arvidson, CFO
Cell phone: +46 70 633 30 42
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
Amgen, Thousand Oaks
Mary Klem (Media, U.S.)
Phone: +1 805 447 6979
Mobile: +1 805 341 0687
Arvind Sood (Investors)
Phone: +1 805 447 1060