Pharma BD Deal Intelligence
Amgen paid ~$400M for Ilypsa's kidney-disease platform, immediately expensed $320M as IPR&D, never launched a product from the retained phosphate-binder asset, and spun out most of the team and technology as Relypsa within months — Relypsa then built the real winner (Veltassa/patiromer) for new investors, not Amgen.
Full analysis, sources & comparables →Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Ilypsa and ILY101 are a strategic fit for Amgen's nephrology portfolio — George J. Morrow, EVP Global Commercial Operations.
Amgen later spun out part of the Ilypsa platform as Relypsa in October 2007, focused on polymeric drug discovery — preserving long-tail value from the Ilypsa…
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$420M cash. Closed July 18, 2007. Non-absorbed kidney disease drugs (ILY101 hyperphosphatemia). Source: Amgen press release.
Amgen paid ~$400M for Ilypsa's kidney-disease platform, immediately expensed $320M as IPR&D, never launched a product from the retained phosphate-binder asset, and spun out most of the team and technology as Relypsa within months — Relypsa then built the real winner (Veltassa/patiromer) for new investors, not Amgen.
Assessment window: 15yr post-close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Amgen Inc. / Ilypsa Inc. (this deal) | 2007 | $420M | 19 |
| Amgen Inc. / Immunex Corporation | 2002 | $16.0B | 92 |
| Amgen Inc. / Immunex Corporation | 2001 | $16.0B | 91 |
| Amgen Inc. / Micromet Inc. | 2012 | $1.2B | 88 |
| Amgen Inc. / Five Prime Therapeutics | 2021 | $1.9B | 78 |
| Amgen Inc. / Horizon Therapeutics plc | 2022 | $27.8B | 72 |
| Amgen Inc. / Otezla (from Celgene/BMS) | 2019 | $13.4B | 68 |
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