Amgen has completed its previously announced acquisition of Five Prime Therapeutics, a South San Francisco, California-based company developing immuno-oncology and targeted cancer therapies, for approximately $1.9 billion. Amgen had announced the acquisition last month (March 2021).

Five Prime’s lead asset is bemarituzumab for treating advanced gastric or gastroesophageal junction cancer.

Bemarituzumab is a targeted antibody, currently in Phase II development, which blocks fibroblast growth factors (FGFs) from binding and activating FGFR2b by inhibiting several downstream pro-tumor signaling pathways and potentially slowing cancer progression. Bemarituzumab targets FGFR2b, which has been found to be overexpressed in approximately 30% of patients with non-HER2 positive gastric cancer as well as other solid tumors. Amgen also gains additional Five Prime oncology assets.

Source: Amgen