Amgen (NASDAQ:AMGN) and Micromet, Inc. (NASDAQ:MITI) announced that the companies have entered into a definitive merger agreement under which Amgen will acquire Micromet, a biotechnology company founded in Germany with its research and development (R&D) center in Munich and headquarters in Rockville, Md., for $11 per share in cash. The transaction, which values Micromet at approximately $1.16 billion, was unanimously approved by both the Amgen and Micromet Boards of Directors.
The premium seems low in light of the Company's significant growth prospects, which are being noticed by the market (70% increase in the stock price since October 1) and analysts (price targets as high as $12 prior to the offer).
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