July 28, 2021
Amgen and Teneobio announced an agreement under which Amgen will acquire Teneobio, a privately held, clinical-stage biotechnology company developing a new class of biologics called Human Heavy-Chain Antibodies. Under the terms of the agreement, Amgen will acquire all outstanding shares of Teneobio at closing in exchange for a US$900 million upfront cash payment, as well as future contingent milestone payments to Teneobio equity holders potentially worth up to an additional US$1.6 billion in cash.
Latham & Watkins LLP represented Amgen in the transaction with a corporate team led by Orange County partner Daniel Rees and New York and Orange County partner Charles Ruck with associates Paul Jeffrey, Tiana Baghdikian, and Trevor Yedoni. Advice was also provided on intellectual property matters by San Diego partner Steve Chinowsky, San Diego counsel Darryl Steensma, and New York counsel Eliot Choy with associate Stephanie Blij; on benefits and compensation matters by Los Angeles partner Michelle Carpenter with associate Jina Davidovich; on tax matters by Century City partner Larry Stein and Century City counsel William Kessler; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards with associate Meryl Bartlett; on data privacy matters by Bay Area counsel Robert Blamires with associate Adriana Beach; and on antitrust matters by Washington, D.C. partner Mandy Reeves and Washington, D.C. counsel Patrick English with associate Denver Dunn.