Pharma BD Deal Intelligence
Amgen acquired Newark-based Teneobio for $900M upfront in cash plus up to $1.6B in contingent milestone payments (total deal value up to ~$2.5B); the acquisition closed October 19, 2021. The deal added Teneobio's human heavy-chain-only antibody platform and bispecific T-cell engager technology to Amgen's bispecific franchise. The lead asset was TNB-585, a CD3xPSMA bispecific T-cell engager (renamed AMG 340 post-close) with a low-affinity CD3 arm engineered to mitigate cytokine release syndrome, in Phase 1 trials for metastatic castration-resistant prostate cancer (mCRPC). POST-CLOSE OUTCOME: AMG 340 was discontinued — its Phase 1 mCRPC study (NCT04740034) was terminated for a 'sponsor strategic decision,' with study completion June 2024 and the trial marked terminated on ClinicalTrials.gov (last updated June 2025). ASCO 2024 data showed limited single-agent efficacy (4/41 PSA50 responses, not dose-dependent; no RECIST responses). The discontinuation of the deal's lead clinical asset means the acquisition's near-term value rests on Teneobio's platform and preclinical pipeline rather than TNB-585/AMG 340.