MedImmune to Acquire Amplimmune (Photo)
MedImmune Corporate Headquarters
Photo | Jeffrey Sauers via MedImmune
The buyout is designed to strengthen MedImmune’s cancer-related research, and includes an initial payment of $225 million, with the possibility of another $275 million if certain development milestones are reached.
“MedImmune’s focus on harnessing the power of the patient’s own immune system to fight cancer will be complemented by Amplimmune’s innovative work in this area. It will allow us to strengthen our arsenal of potential cancer therapies,” said Dr. Bahija Jallal, Executive Vice President of MedImmune. “We are excited to be working with the Amplimmune team to help find new treatments to address areas of unmet medical need.”
“Both companies are passionate about developing new cancer therapies for patients and are excited about the potential of immunotherapies. We are pleased to be joining MedImmune, who will work to further advance the pioneering work we’ve been conducting in this area,” said Michael Richman, Amplimmune’s President and Chief Executive Officer. “The synergy achieved by combining our pipelines provides an important path towards developing novel immunotherapy products.”
Amplimmune has been in the city of Gaithersburg since its move from Rockville in 2011. Gaithersburg officials awarded it a $50,000 toolbox grant to support the renovation of 20,570 square feet of space on West Watkins Mill Road, including interior demolition and the construction of new office space, lab space and manufacturing facilities. At the time of the application Amplimmune employed 23 people.
“These are the kind of success stories we love to hear,” said Tom Lonergan, Gaithersburg’s economic development director. “Our grants are designed to provide the basis for growth and innovation, and Amplimmune serves as an excellent example of that. From lab space fit ups to employee training to signage, Toolbox grants help lay the foundation for future success.”
For more information on the MedImmune acquisition, visit www.medimmune.com/media.
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