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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Five Prime Therapeutics, Inc.    FPRX

FIVE PRIME THERAPEUTICS, INC.

(FPRX)
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Five Prime Therapeutics Shares Gain After Amgen Deal

03/04/2021 | 03:20pm EDT

By Michael Dabaie

Five Prime Therapeutics Inc. shares were up 78% to $37.78 in afternoon trading Thursday.

Amgen Inc. agreed to acquire Five Prime Therapeutics for $38 a share in cash, representing an equity value of about $1.9 billion.

The deal includes bemarituzumab, a Phase 3 ready program for gastric cancer.

The acquisition of Five Prime supports Amgen's international expansion strategy, the companies said before the market open.

"Gastric cancer is one of the world's most common forms of cancer and is particularly prevalent in the Asia-Pacific region, where Amgen expects to generate significant volume growth in the coming years. Amgen plans to leverage its presence in Japan and other Asia-Pacific markets to maximize bemarituzumab's potential," the companies said in a release.

Amgen will receive a royalty percentage on future net sales in Greater China ranging from the high teens to the low twenties from a pre-existing co-development and commercialization agreement between Five Prime and Zai Lab (Shanghai) Co. Ltd.

The companies expect the transaction to close by the end of the second quarter.

Amgen reaffirmed its full-year outlook with revenue guidance of $25.8 billion to $26.6 billion and adjusted EPS guidance of $16 to $17.

Shares of Amgen were down 0.5% to $222.74.

"Overall, we view the deal as an incremental positive and bolt-on for Amgen," Mizuho Securities USA said in a note, adding that it still struggles with the overall valuation of Amgen stock.

Mizuho rates Amgen at neutral.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

03-04-21 1519ET

Stocks mentioned in the article
ChangeLast1st jan.
AMGEN INC. -0.13% 249.62 Delayed Quote.8.27%
FIVE PRIME THERAPEUTICS, INC. 0.13% 37.99 Delayed Quote.123.05%
ZAI LAB LIMITED 2.19% 164.83 Delayed Quote.19.17%
All news about FIVE PRIME THERAPEUTICS, INC.
04/13INSIDER TRENDS : Insider at Five Prime Therapeutics Makes Tax Sale Extends 90-Da..
MT
03/30AMGEN  : Seen Logging 25% Revenue Compound Annual Growth in Asia Pacific Over 10..
MT
03/22FIVE PRIME THERAPEUTICS  : Annual Report (SEC Filing - 10-K)
PU
03/22FIVE PRIME THERAPEUTICS  : Management's Discussion and Analysis of Financial Con..
AQ
03/11FIVE PRIME INVESTOR ALERT BY THE FOR : Kahn Swick & Foti, LLC Investigates Adequ..
BU
03/09FIVE PRIME THERAPEUTICS  : Cancels Fourth Quarter and Full-Year 2020 Financial R..
BU
03/09FIVE PRIME THERAPEUTICS  : Guggenheim Downgrades Five Prime Therapeutics to Neut..
MT
03/05SHAREHOLDER ALERT : Monteverde & Associates PC Announces an Investigation of Fiv..
PR
03/05FIVE PRIME THERAPEUTICS  : Jefferies Downgrades Five Prime Therapeutics to Hold ..
MT
03/04AMGEN  : Five Prime Takeover is Incremental Positive Deal, Should Help Amgen Gro..
MT
More news
Financials (USD)
Sales 2021 6,50 M - -
Net income 2021 -83,7 M - -
Net Debt 2021 - - -
P/E ratio 2021 -18,8x
Yield 2021 -
Capitalization 1 738 M 1 738 M -
Capi. / Sales 2021 267x
Capi. / Sales 2022 139x
Nbr of Employees 51
Free-Float 89,8%
Chart FIVE PRIME THERAPEUTICS, INC.
Duration : Period :
Five Prime Therapeutics, Inc. Technical Analysis Chart | FPRX | US33830X1046 | MarketScreener
Technical analysis trends FIVE PRIME THERAPEUTICS, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 37,29 $
Last Close Price 37,94 $
Spread / Highest target 0,16%
Spread / Average Target -1,72%
Spread / Lowest Target -13,0%
EPS Revisions
Managers and Directors
NameTitle
Thomas Civik President, Chief Executive Officer & Director
David V. Smith Chief Financial Officer & Executive Vice President
William R. Ringo Chairman
Helen Collins Chief Medical Officer & Executive Vice President
Franklin M. Berger Independent Director
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