Pharma BD Deal Intelligence
A bust: Amgen paid $900 million upfront for Teneobio's bispecific platform, but lead asset TNB-585 (renamed AMG 340) was discontinued for a 'sponsor strategic decision' after weak ASCO 2024 data — just 4 of 41 patients hit PSA50.
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →A Multicenter Open-Label Phase 1 Study of TNB-383B, a Bispecific Antibody, in Subjects With Relapsed or Refractory Multiple Myeloma. Sponsor: AbbVie. Phase…
Amgen Inc. said on Tuesday it would buy Teneobio Inc. for up to $2.5 billion, including $900 million upfront and $1.6 billion in milestones, to strengthen its…
Phase 1 study of AMG 340 (formerly TNB-585), a PSMAxCD3 T-cell engager, in mCRPC. Overall status: TERMINATED. Why stopped: 'Sponsor strategic decision.' Study…
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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.
35K US cases/yr · $22.0B Global multiple myeloma drug market 2021 (USD MM) · 12000 US multiple myeloma deaths annually
Amgen's $2.5 billion acquisition of Teneobio is fundamentally a bispecific antibody platform deal anchored in oncology, with lead pipeline programs targeting multiple myeloma (MM) and metastatic prostate cancer. Multiple myeloma is a hematologic malignancy of plasma cells, with approximately 35,000 new US cases and 12,000-13,000 deaths annually per the American Cancer Society 2021 Facts & Figures, representing the second-most-common hematologic cancer after non-Hodgkin lymphoma. The 2021 global multiple myeloma drug market reached approximately $22 billion, dominated by proteasome inhibitors (Velcade, Kyprolis, Ninlaro), IMiDs (Revlimid, Pomalyst), anti-CD38 monoclonal antibodies (Darzalex, Sarclisa), BCMA-directed therapies (Blenrep antibody-drug conjugate, Abecma BCMA CAR-T approved March 2021), and corticosteroids. Despite a 6+-year median overall survival post-2010, MM remains incurable, with relapsed/refractory patients requiring multiple lines of therapy and BCMA-targeted therapies emerging as the next-wave standard of care. Metastatic castration-resistant prostate cancer (mCRPC) affects approximately 40,000-50,000 US men annually with 5-year overall survival under 30%, and represents a $14-15 billion global market dominated by androgen-axis targeting (Zytiga, Xtandi, Erleada, Nubeqa), PARP inhibitors (Lynparza, Rubraca), and emerging PSMA-directed therapies (Pluvicto, lutetium-177 PSMA-617).
The BCMA bispecific T-cell engager and multiple myeloma immunotherapy landscape was intensely competitive at deal date. Direct BCMA-targeting bispecific competitors included Janssen/Genmab teclistamab (BCMAxCD3 bispecific, BLA-stage Q3 2021, FDA-approved Tecvayli Oct 2022), Regeneron REGN5458 / linvoseltamab (BCMAxCD3), Pfizer/Trillium elranatamab (BCMAxCD3, FDA-approved Elrexfio Aug 2023), Roche/Genentech BCMA bispecifics, AbbVie/Genmab epcoritamab (CD20xCD3, lymphoma), and Janssen talquetamab (GPRC5DxCD3). BCMA CAR-T competitors included Bristol Myers Squibb/2seventy bio Abecma (idecabtagene vicleucel, FDA-approved March 2021) and Janssen/Legend Biotech ciltacabtagene autoleucel (Carvykti, BLA-stage at deal date, FDA-approved Feb 2022). BCMA antibody-drug conjugate Blenrep (belantamab mafodotin, GSK, FDA-approved Aug 2020 — withdrawn Nov 2022). Teneobio's lead asset TNB-383B was a BCMAxCD3 BiTE differentiated by half-life extension, low CD3 affinity and reduced cytokine release. Beyond MM, Teneobio's multispecific platform competed with Amgen's own BiTE platform (Blincyto blinatumomab CD19xCD3), Regeneron VelocImmune, AbbVie/Genmab DuoBody, Macrogenics DART, Xencor XmAb bispecific Fc, Innovent IBI-322, Zymeworks Azymetric, and Affimed innate-cell engagers. The deal consolidated Amgen's BiTE leadership and added the Teneobio Common Light Chain platform.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Amgen Inc. / Teneobio, Inc. (this deal) | 2021 | $2.5B | — |
| 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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