Celltech, Amgen Team on Osteoporosis Drugs

Celltech Group will work with Amgen Inc. on treatments for osteoporosis, a loss of bone density that can lead to fractures in elderly patients.

Amgen gets marketing rights to Celltech drugs that target a protein linked to the illness, said Peter Allen, Celltech’s finance director. Celltech will pay some costs until the end of Phase II tests and may opt to get some European rights.

Shares of Celltech, Britain’s largest biotechnology company, rose 55 cents to $16.85 on the NYSE. Shares of Thousand Oaks-based Amgen fell 34 cents to $50.69 on Nasdaq.