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What's Driving Amgen?

Executive Summary

Despite its CEO's professed distaste for biotech acquisitions, Amgen was willing to pay $16 billion for Immunex, in a bold move that ensures its growth momentum even as its key product, EPO, ages and its newly launched replacement faces uncertain prospects. Immunex makes a blockbuster rheumatoid arthritis drug, Enbrel, which it forecast will have sales of $4 billion by 2005. Amgen thinks it can drive Enbrel sales further, even though it is projecting a smaller market of $3 billion for the drug by 2005.

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