Amgen Buying Decode Genetics for $415M

Amgen Buying Decode Genetics for $415M

The biotechnology giant Amgen, seeking to bolster its drug discovery efforts, said  that it would pay $415 million to acquire deCODE Genetics, a gene-hunting firm based in Iceland and known for its headline-grabbing discoveries linking genetic variations to disease. The all-cash deal will give Amgen, based in Thousand Oaks, Calif., access to Reykjavik, Iceland-based deCODE's technology. DeCODE, which is privately held, has had trouble building a sustainable business, and it filed for bankruptcy protection in 2009. It was bought out of bankruptcy in 2010 by Saga Investments, a group led by two venture capital companies, Polaris Venture Partners and Arch Venture Partners.

Source: StarTribune