Amgen 2004 Annual Report Download - page 18

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It was the industry’s biggest deal ever when, in 2002, the
world’s number one biotechnology company, Amgen, acquired
number three, Seattle-based Immunex Corporation. With a fi nal
price tag of about $17.8 billion, the stakes were huge, but so was
the potential payoff. For Amgen, it meant bolstering our presence
in a major new therapeutic area, infl ammation; a big boost in
research capabilities; access to Seattle’s thriving scientifi c commu-
nity; new pipeline candidates; and most importantly, ENBREL
®
(etanercept), a novel and vitally important anti-infl ammation
therapy that has been described as “a pipeline in a product.”
For Immunex, Amgen’s protein manufacturing expertise meant
a solution to ENBREL
®
manufacturing shortages.
The scale of the integration was unprecedented in the bio-
technology industry. But leadership at both companies saw the
business and scientifi c synergies: Amgen’s sales and marketing
and clinical development capabilities would grow ENBREL
®
and
Immunex’s pipeline candidates, Amgen’s world-class manufac-
turing know-how could address the ENBREL
®
supply problem,
and Immunex’s signifi cant infl ammation research capabilities
could place Amgen in a position of industry leadership.
For the patients who needed a reliable supply of ENBREL
®
,
the Immunex deal has been of immeasurable value. For Amgen,
the integration was a positive learning experience
—
one that
proved valuable in 2004 with the acquisition of the South San
Francisco-based research fi rm Tularik Inc.
The acquisition of Immunex
Amgen continues Immunex’s heritage of scientifi c excellence
in the Seattle area. In early 2004, Amgen opened its Seattle
Helix campus, which contains lab and offi ce space designed
to optimize scientifi c exploration and collaboration and
employs state-of-the-art technologies to accelerate the drug
discovery process.
The moment When Amgen acquired Immunex in 2002,
the Seattle-based company was recognized as a global leader
in biotechnology research and a linchpin of the region’s
scientifi c community.
Amgen 2004 Annual Report page 16