Amgen will buy the psoriasis and arthritis drug Otezla from Celgene for $13.4B in a rare instance of an approved blockbuster drug changing hands. The drug will complement Amgen’s aging top-seller Enbrel.
The Federal Trade Commission required Otezla’s sale as a condition for Bristol-Myers Squibb to acquire Celgene, raising antitrust concerns over BMS owning the drug. Wall Street analysts had predicted the drug would fetch a lower price, between $5B and $10B. Last year, Celgene earned $1.6B in global sales of Otezla.