The multinational biopharmaceutical company Amgen has agreed to terms to acquire Five Prime Therapeutics Inc. Amgen aims to improve its portfolio of cancer drug treatment candidates. Among the drugs in part of the acquisition is the promising stomach cancer drug called bemarituzumab which will enter stage 3 testing. Amgen sees the drug as a major tool to leverage growth in the Asia-Pacific markets where stomach cancer is much more prevalent, the U.S. had only about 3% of stomach cancer cases compared to China last year. Five Prime’s stock soared on the news to match the premium offer put on existing shares by Amgen in the acquisition. Several ETFs hold high stakes in Amgen such as VanEck Vectors (BBH), IShares Nasdaq Biotechnology (IBB), and iShares Evolved U.S. Innovative Healthcare (IEIH). Amgen makes up anywhere from 4-7.8% of the holdings of these ETFs.
FINSUM + Magnifi: Investors should keep their eyes on these ETFs. While Amgen's drug acquisition is for the long hall, the coming weeks may be promising.
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