THOUSAND OAKS, Calif. (AP) -- Biotech drug maker Amgen is buying human genetics research and analytics company deCODE Genetics for $415 million.
DeCODE, based in Reykjavik, Iceland, has discovered genetic risk factors for dozens of diseases ranging from cardiovascular disease to cancer
"DeCODE Genetics has built a world-class capability in the study of the genetics of human disease. This capability will enhance our efforts to identify and validate human disease targets," Amgen CEO Robert Bradway said in a statement on Monday.
Amgen's board has approved the deal, which does not need regulatory approval. The transaction is expected to close before year's end.
Shares of Amgen, which is based in Thousand Oaks, Calif., slipped 12 cents to $88.20 in premarket trading. Its shares peaked for the past year at $89.95 in mid-October. They fell as low as $57.14 almost a year ago.
Among Amgen's products are the anemia drugs Aranesp and Epogen.