Amgen is paying $900 million up front to acquire Teneobio, a biotech with technology for discovering and developing antibody drugs. Though Amgen already has its own antibody platform, the company says Teneobio’s technology and drug assets will complement its own.
AbbVie is acquiring a Teneobio subsidiary developing a drug that targets BCMA, a popular protein target for multiple myeloma drugs. There are two FDA-approved BCMA-targeting therapies and more on the way, but AbbVie believes the newest addition to its pipeline could offer some advantages.
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The drugmaker said Monday that it had signed a deal with Teneobio to develop a BCMA-targeting bispecific antibody.