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Amgen Signs $1.9 Billion Worth Cancer Deal, Nurtures Growth Aspirations in Asia with New Oncology Assets
On March 4th, Amgen announced it would acquire Five Prime Therapeutics for $1.9 billion in cash. The deal would strengthen Amgen’s portfolio by adding three therapeutics currently in clinical trials, one for gastric cancer and one for solid tumors. Amgen would also gain all of Five Prime’s pipeline. After the report, Five Prime’s stock jumped 78.74%, but Amgen’s stock lost 0.91%.
Amgen agreed to buy all outstanding shares of Five Prime for $38 per share and stands to gain the following assets.
- Bemarituzumab: Five Prime’s lead asset, a targeted antibody against Fibroblast Growth Factor Receptor 2b (FGFR2b), which has completed Phase 2 trials and ready to start Phase 3 trials for gastric cancer.
- FPT155: A CD80-Fc fusion currently in Phase 1 trials for the treatment of solid tumors as a monotherapy and in combination with pembrolizumab in Australia and South Korea.
- BMS-986258: A checkpoint inhibitor that targets TIM-3 currently in Phase1/2 clinical trial in combination with Opdivo.
- Pre-clinical therapeutics: FPA157, a CCR8 blocking antibody, and several antibody treatments being developed in collaboration with Bristol Myers Squibb (BMS).
Amgen expects to finalize the deal by the end of the second quarter.
Bemarituzumab and FIGHT Trial
Bemarituzumab targets FGFR2b, which is overexpressed in around 30% of patients with non-HER2 gastric tumors. It blocks tumor growth through two distinct mechanisms, 1) competitively binding to FGFR2b and preventing certain FGFs that promote tumor growth. 2) Drives the killing of tumor cells by antibody-dependent cell-mediated cytotoxicity through the recruitment of natural killer cells.
In a randomized, placebo-controlled Phase 2 trial, Bemarituzumab significantly increased the overall survival, progression-free survival, and overall response rate in patients with advanced gastric or gastroesophageal junction cancer.
Bemarituzumab has the potential to treat lung, breast, ovarian, and other epithelial cancers as FGFR2b has been postulated to play a role in those cancers. Additionally, Bemarituzumab has been licensed by Zai Lab for development and commercialization in Greater China, which would add to Amgen’s global reach.
“The acquisition of Five Prime offers a compelling opportunity for Amgen to strengthen our oncology portfolio with a promising late-stage, a first-in-class global asset to treat gastric cancer,” said Robert A. Bradway, Chairman and Chief Executive Officer at Amgen.
“We look forward to welcoming the Five Prime team to Amgen and working with them to leverage our best-in-class monoclonal antibody manufacturing capabilities to supply additional clinical materials, as well as expanded production quantities, to realize the full potential of bemarituzumab for even more patients around the world as quickly as possible.”
Collision Course with Bristol Myers Squibb
BMS treatment for advanced gastric, gastroesophageal junction, or esophageal adenocarcinoma cancer, Opdivo, in combination with chemotherapy, was recently accepted for priority review by the FDA. With its recent acquisition of Bemarituzumab, Amgen could directly compete with Opdivo to be the first-line treatment for stomach cancer.
In addition to be a possible competitor, after the acquisition of Five Prime, Amgen will also be a partner of BMS. Five Prime and BMS were testing BMS-986258 in combination with Opdivo in a Phase1/2 clinical trial. Now that Amgen has acquired this collaboration, it remains to be seen how the two companies would manage the collaboration.
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