Amgen agreed to acquire Ilypsa, a private company developing non-absorbed drugs for renal disorders. Ilypsa’s lead drug candidate, ILY101, is a phosphate binder for the treatment of hyperphosphatemia in chronic kidney disease (CKD) patients on hemodialysis.
Under terms of the agreement, Amgen will pay $420 million in cash to acquire Ilypsa. Following completion of the transaction, Ilypsa will become a wholly owned subsidiary of Amgen. The acquisition has been approved by the boards of directors of each company and the shareholders of Ilypsa and is expected to close in the third quarter of 2007.
“Ilypsa and ILY101 are a strategic fit for Amgen’s nephrology portfolio and further demonstrate our commitment to explore, develop, and commercialize promising therapies that help in the fight against kidney disease and its complications,” said George J. Morrow, Amgen’s executive vp of global commercial operations.
ILY101 is an orally administered, non-absorbed polymeric agent that works by preventing the absorption of ingested phosphate. Studies suggest that ILY101 may have enhanced phosphate binding selectivity and capacity compared to currently available polymeric phosphate binding agents. It has recently completed Phase II trials in patients with CKD who are on hemodialysis.