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Immunex Corp

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BUSINESS
April 3, 1992 | From Times Staff and Wire Reports
Immunex Announces Suit Against Hoechst: Immunex Corp. said it was suing Hoechst AG over a drug used in bone marrow transplants that the German pharmaceutical giant allegedly provided free to Immunex customers and others. The drug, a white blood cell stimulant marketed by Immunex as Leukine, was developed by Immunex in collaboration with the Hoechst unit Behringwerke AG and was approved by the FDA a year ago. Hoechst markets the drug under the name Prokine.
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BUSINESS
September 28, 2002 | Bloomberg News
Wyeth's profit will be less than expected this year after studies linked its best-selling hormone drugs to cancer and heart disease. It also put aside an additional $910 million for fen-phen diet pill lawsuits. Wyeth expects earnings of $2.22 to $2.32 a share before a gain from selling part of Immunex Corp. and the charge for the legal reserves. Wall Street expected $2.49 a share. Shares of Madison, N.J.-based Wyeth fell $7.35, or 19.1%, to $31.10 on the NYSE.
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BUSINESS
June 7, 2000 | Reuters
Immunex Corp. said it won permission to market its flagship drug, Enbrel, for treating early-stage rheumatoid arthritis, boosting the drug's potential market to about 1 million patients from about 300,000. In the decision announced after the markets closed, the Food and Drug Administration also gave Seattle-based Immunex permission to claim that Enbrel can delay or stop the progression of rheumatoid arthritis.
BUSINESS
July 13, 2002 | From Bloomberg News
Amgen Inc., the world's largest biotechnology company, won U.S. antitrust clearance Friday to complete its $9.6-billion purchase of Immunex Corp., maker of a leading rheumatoid arthritis drug. Amgen and Immunex received Federal Trade Commission approval for the takeover after the companies agreed to grant patent licenses to allow development of two rival anti-arthritis drugs to address FTC concerns that the acquisition would hurt competition and lead to higher drug prices.
BUSINESS
May 4, 2002 | DENISE GELLENE, TIMES STAFF WRITER
Immunex Corp. said Friday that Schering agreed to pay $380 million for Leukine, a drug used to treat the side effects of chemotherapy. The deal clears a regulatory hurdle in the way of Amgen Inc.'s pending acquisition of Immunex. Amgen has two drugs that are similar to Leukine, and one of them, Neupogen, dominates the market. In a research note, Prudential Securities analyst John Sonnier said the deal was a good one.
BUSINESS
February 4, 2002 | DENISE GELLENE, TIMES STAFF WRITER
The head of Immunex Corp. will leave the executive suite with a lucrative ''golden parachute'' and a part-time job at Amgen Inc. that will pay at least $2,083 an hour. Chief Executive Edward V. Fritzky, 51, is getting a two-year contract that pays him $500,000 a year for no more than 20 hours of work each month, according to a regulatory filing. Amgen also will pay up to $250,000 to provide Fritzky with office space.
NEWS
November 3, 1998 | From Times Wire Reports
A genetically engineered drug won government approval to help some of the hardest-to-treat sufferers of rheumatoid arthritis. Immunex Corp.'s Enbrel can fight debilitating symptoms in advanced rheumatoid arthritis patients--and appears to cause fewer serious side effects than older therapies. "This product can significantly reduce pain and swollen joints that have restricted their normal daily activities for years," said acting Food and Drug Administration Acting Commissioner Michael Friedman.
BUSINESS
September 28, 2002 | Bloomberg News
Wyeth's profit will be less than expected this year after studies linked its best-selling hormone drugs to cancer and heart disease. It also put aside an additional $910 million for fen-phen diet pill lawsuits. Wyeth expects earnings of $2.22 to $2.32 a share before a gain from selling part of Immunex Corp. and the charge for the legal reserves. Wall Street expected $2.49 a share. Shares of Madison, N.J.-based Wyeth fell $7.35, or 19.1%, to $31.10 on the NYSE.
BUSINESS
September 21, 1989 | From Times wire services
Immunex Corp. today announced a plan that will transform it from a research-dominated firm in medical biotechnology into a conventional pharmaceutical company. The 8-year-old company, based in Seattle, said it will achieve the transition primarily by reacquiring rights to sell Immunex-developed products in the United States. In return, its business partners will get rights to some other Immunex products, primarily for overseas distribution.
BUSINESS
June 3, 1999 | Bloomberg News
Immunex Corp. said it will seek FDA approval to sell its chemotherapy treatment Novantrone for use in patients with secondary progressive multiple sclerosis. There are no approved treatments for secondary progression MS, a disease characterized by steadily worsening control over limbs, vision and speech. Phase III clinical trials showed Novantrone significantly reduced relapses and progression in patients with secondary progressive MS, Seattle-bassed Immunex said.
BUSINESS
May 24, 2002 | DENISE GELLENE, TIMES STAFF WRITER
Immunex Corp. is telling doctors that continued production problems could prevent it from delivering its rheumatoid arthritis drug Enbrel to the nearly 20,000 patients on its waiting list until next year, much later than expected. The news, though anticipated on Wall Street, caught some doctors and patient advocates off guard. Immunex has not added patients since December but told doctors and patients as recently as March that the medicine would be available in early summer.
BUSINESS
May 17, 2002 | DENISE GELLENE, TIMES STAFF WRITER
Amgen Inc.'s acquisition of rival Immunex Inc. was overwhelmingly approved Thursday by shareholders of both companies, as expected. The transaction needs approval by the Federal Trade Commission. Kevin Sharer, Amgen's chairman and chief executive, told shareholders that a top priority is increasing supplies of Enbrel, Immunex's rheumatoid arthritis drug. Amgen's purchase of Immunex was driven by prospects for the drug, but recent production problems have led to a shortage.
BUSINESS
May 4, 2002 | DENISE GELLENE, TIMES STAFF WRITER
Immunex Corp. said Friday that Schering agreed to pay $380 million for Leukine, a drug used to treat the side effects of chemotherapy. The deal clears a regulatory hurdle in the way of Amgen Inc.'s pending acquisition of Immunex. Amgen has two drugs that are similar to Leukine, and one of them, Neupogen, dominates the market. In a research note, Prudential Securities analyst John Sonnier said the deal was a good one.
BUSINESS
May 1, 2002 | From Bloomberg News
Immunex Corp. settled three lawsuits filed by investors who opposed Amgen Inc.'s planned $15-billion acquisition of the maker of rheumatoid arthritis drug Enbrel. Immunex and Amgen, the world's biggest biotechnology company, agreed to reduce the termination fee that could be paid by either company by $20 million to $455 million if the deal doesn't go through. The companies also agreed to disclose additional information to satisfy shareholder concerns about the purchase.
BUSINESS
April 16, 2002 | Bloomberg News
Immunex Corp. said Genentech Inc. agreed to begin making Enbrel in 2004, helping bolster the supply of Immunex's top-selling treatment for rheumatoid arthritis. Manufacturing constraints have limited Enbrel supplies and checked growth of the drug, which had sales of $762 million last year. Immunex has a waiting list of about 13,000 patients who want the drug. It last month notified others already on the drug to expect delays until June. Amgen Inc.
BUSINESS
February 4, 2002 | DENISE GELLENE, TIMES STAFF WRITER
The head of Immunex Corp. will leave the executive suite with a lucrative ''golden parachute'' and a part-time job at Amgen Inc. that will pay at least $2,083 an hour. Chief Executive Edward V. Fritzky, 51, is getting a two-year contract that pays him $500,000 a year for no more than 20 hours of work each month, according to a regulatory filing. Amgen also will pay up to $250,000 to provide Fritzky with office space.
BUSINESS
April 16, 2002 | Bloomberg News
Immunex Corp. said Genentech Inc. agreed to begin making Enbrel in 2004, helping bolster the supply of Immunex's top-selling treatment for rheumatoid arthritis. Manufacturing constraints have limited Enbrel supplies and checked growth of the drug, which had sales of $762 million last year. Immunex has a waiting list of about 13,000 patients who want the drug. It last month notified others already on the drug to expect delays until June. Amgen Inc.
BUSINESS
December 18, 2001 | DENISE GELLENE, TIMES STAFF WRITER
Discussions that led to Amgen Inc.'s $16-billion deal Monday to buy biotechnology rival Immunex Corp. began casually, over cocktails between chief executives. From the famous sky lounge of the Mark Hopkins Hotel, 19 stories above San Francisco Bay, the two chief executives took in the panoramic views and mused about being at the top of the biotechnology world, or as Amgen CEO Kevin Sharer remembers, "if our two companies could come together in some way ...."
NEWS
December 17, 2001 | DENISE GELLENE, TIMES STAFF WRITER
Amgen Inc. will announce today that it is acquiring biotechnology rival Immunex Corp. for slightly less than $29 a share in cash and stock, or about $16 billion, according to sources familiar with the deal. The boards of Amgen, Immunex and American Home Products Corp., which owns 41% of Immunex, approved the deal late Sunday, sources said.
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