Amgen Inc. (NasdaqGS:AMGN) announced an agreement to acquire TeneoBio, Inc. from Lightspeed Venture Partners, Sutter Hill Ventures and others for $2.5 billion on July 27, 2021. The purchase price is subject to customary adjustments. Under the terms of the agreement, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a $900 million upfront cash payment, as well as future contingent milestone payments to Teneobio equity holders potentially worth up to an additional $1.6 billion in cash. The acquisition is subject to customary closing conditions, including applicable regulatory approvals, antitrust approvals and Teneobio?s completion of certain restructuring arrangements with respect to its subsidiaries, including the spin out of three of Teneobio?s subsidiaries to the pre-closing equity holders of Teneobio and the closing of AbbVie Inc.?s acquisition of TeneoOne, Inc. The transaction is expected to close in the second half of 2021. Goldman Sachs & Co. LLC acted as financial advisor and Daniel Rees, Charles Ruck, Steve Chinowsky, Darryl Steensma, Eliot Choy, Michelle Carpenter, Larry Stein, William Kessler, Elizabeth Richards, Robert Blamires, Mandy Reeves and Patrick English of Latham & Watkins LLP acted as legal advisors to Amgen. Michael Irvine, Michael Richman, Steve Ray, Colin Chapman and Craig Olshan of Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP acted as legal advisors to TeneoBio.
Amgen Inc. (NasdaqGS:AMGN) completed the acquisition of TeneoBio, Inc. from Lightspeed Ventures, LLC and Sutter Hill Ventures on October 19, 2021.