Amgen has announced plans to acquire the biotechnology company Micromet in a deal worth $1.16 billion (740 million pounds).
The takeover of the German-based company has been unanimously approved by both organisations' board of directors and will provide Amgen with rights to new facilities, products and technology platforms.
Included in the deal will be blinatumomab, a bispecific T-cell engager (BiTE) antibody in development for acute lymphoblastic leukaemia and non-Hodgkin's lymphoma, as well as the solid tumour therapy solitomab.
It will also encompass Micromet's proprietary BiTE antibody technology, an innovative platform that offers significant potential in future clinical research into multiple tumour types.
Kevin Sharer, chairman and chief executive officer (CEO) of Amgen, said: "Blinatumomab will serve as an important complement to our oncology pipeline and is representative of our corporate strategy, which is focused on developing and successfully commercialising therapeutics to treat patients with grievous illness."
Last month, it was announced that Mr Sharer will be stepping down as CEO in May 2012, when he will be succeeded by Robert Bradway.