Amgen buys DeCode Genetics for $415 million

THOUSAND OAKS, Calif. — Amgen is buying an Iceland-based biotech company for $415 million, the two said Monday.

Amgen announced it would acquire DeCode Genetics, based in Reykjavik, Iceland, in a deal that Amgen's board of directors unanimously approved. Founded in 1996, DeCode focuses its business on finding links between the human genome and disease susceptibility. The acquisition is expected to close before the end of 2012 and does not require regulatory approval.

"DeCode Genetics has built a world-class capability in the study of the genetics of human disease," Amgen president and CEO Robert Bradway said. "This capability will enhance our efforts to identify and validate human disease targets. This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets while avoiding investments in programs based on less well-validated targets."

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