Amgen invests in cancer drug

From Times Wire Services

Amgen Inc. will pay Kyowa Hakko Kogyo Co. $100 million initially and as much as $420 million tied to the development of an experimental medicine for inflammation and cancer, the companies said. Kyowa Hakko is the Tokyo-based drug unit of Kirin Holdings Co.

The deal gives Thousand Oaks-based Amgen a potential medication that could join its anti-inflammatory medicine Enbrel.

Shares fell $1.01 to $44.24.