NEW YORK (AP) -- Amgen Inc. is buying Micromet Inc., a developer of cancer therapies, for $1.16 billion in cash in a bid to boost its oncology pipeline.
The biotech giant is paying $11 per share for Micromet, a premium of 33 percent over the company's closing price Wednesday.
Founded in Germany and based in the U.S., Micromet is developing an experimental treatment currently in mid-stage testing for leukemia. The treatment is also in clinical development for the treatment of non-Hodgkins lymphoma.
Amgen, based in California, is scheduled to release its quarterly results after the market closes Thursday.