Outbidding 14 others and then themselves: How Amgen spent $2 billion on a biotech that had been on the brink
In the summer of 2020, you could get a share of Five Prime Therapeutics for less than a latte, but the company’s leadership knew that could soon change.
Five Prime was nearing a readout on their Phase II trial for gastric cancer. If it proved successful, it could return them to the perch they had lost in 2017, when a Bristol Myers Squibb-partnered drug flopped and tanked their shares. So they met with the board twice in June and twice in August to decide what would come next.
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