By Colin Kellaher

Shares of ChemoCentryx Inc. took flight in premarket buying and selling Thursday after the biotechology firm agreed to be acquired by bigger peer Amgen Inc. for $3.7 billion in money.

Amgen stated it’s going to pay $52 a share of ChemoCentryx, greater than double Wednesday’s closing worth of $24.11 for the San Carlos, Calif., firm.

The deal, slated to closed by the top of the 12 months, bolsters Amgen’s pipeline of most cancers and immune medication with the addition of ChemoCentryx’s Tavneos, which final 12 months gained U.S. Meals and Drug Administration approval for a uncommon immune-system illness.

In premarket buying and selling Thursday, ChemoCentryx shares had been altering palms at $50.45, up about 109%.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 04, 2022 08:57 ET (12:57 GMT)

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