Amgen has agreed to acquire Rodeo Therapeutics, a Seattle, Washington-based biopharmaceutical developing small-molecule therapies, in a $721-million deal ($55 million upfront and future contingent milestone payments potentially worth up to an additional $666 million).

Rodeo is focused on developing orally available modulators of prostaglandin biology that play an important role in tissue regeneration and repair. Rodeo’s lead 15-prostaglandin dehydrogenase (15-PGDH) modulators are in preclinical development and are being developed for multiple indications.

Under the agreement, Amgen will acquire all outstanding shares of Rodeo in exchange for a $55-million upfront payment as well as future contingent milestone payments potentially worth up to an additional $666 million in cash. The transaction has been approved by the shareholders and the Board of Directors of Rodeo.

Source: Amgen