May 24, 2002 |
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.
May 17, 2002 |
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.
May 4, 2002 |
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.
May 1, 2002 |
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.
April 16, 2002 |
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.
February 4, 2002 |
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.