Immunex Settles Suits on Amgen Deal

Immunex Corp. settled three lawsuits filed by investors who opposed Amgen Inc.’s planned $15-billion acquisition of the maker of rheumatoid arthritis drug Enbrel.

Immunex and Amgen, the world’s biggest biotechnology company, agreed to reduce the termination fee that could be paid by either company by $20 million to $455 million if the deal doesn’t go through. The companies also agreed to disclose additional information to satisfy shareholder concerns about the purchase.

“It eliminates the burden of litigation and finally puts the suits behind us,” said Josh Schroeter, a spokesman at Seattle-based Immunex.

The companies also said some Immunex executives have elected to take a severance package in connection with the purchase.

The settlement is subject to court approval. Shareholders of both companies are scheduled to meet and vote on the deal May 16.

Shares of Thousand Oaks-based Amgen closed at $52.80, up $1, and Immunex rose 48 cents to $27.14, both on Nasdaq.

Amgen said in December that it would pay 0.44 of a share and $4.50 in cash for each Immunex share to gain Enbrel, which some analysts say could top $2 billion in sales this year.

Immunex shareholders sued in January, saying company directors backed the deal because they will get new jobs with Amgen.