Amgen Buys Dark Blue Therapeutics to Strengthen Oncology Pipeline

Amgen AMGN announced that it has acquired U.K.-based private biotech company, Dark Blue Therapeutics, for approximately $840 million.

The acquisition will strengthen Amgen’s oncology pipeline by adding Dark Blue’s preclinical, targeted small-molecule degrader, which degrades two proteins (MLLT1/3) that drive specific types of acute myeloid leukemia (AML). These differentiated molecules have shown promising anti-cancer activity in pre-clinical studies and are designed to treat certain types of AML.

Amgen does not currently market any therapy for treating AML. However, it does have Blincyto in its portfolio that is approved to treat another leukemia indication - acute lymphoblastic leukemia (ALL). It also has some bispecific T-cell engagers directed at AML targets in its early clinical pipeline.

Amgen’s stock has risen 25% in the past year compared with an increase of 14.2% for the industry.

Amgen’s Strong Presence in Oncology

Amgen boasts an innovative oncology portfolio, including drugs like Blincyto, Imdelltra, Lumakras, Vectibix, Kyprolis, Nplate and Xgeva. It also markets some oncology biosimilars like Kanjinti (a biosimilar of Roche’s Herceptin) and Mvasi (a biosimilar of Roche’s Avastin)

Key candidates in its late-stage oncology pipeline are bemarituzumab, an FGFR inhibitor for first-line gastric cancer and xaluritamig, a bispecific T-cell engager, for metastatic castrate-resistant prostate cancer. Several phase III studies are also ongoing on the marketed drug, Imdelltra (tarlatamab), in earlier-line settings across extensive-stage and limited-stage small cell lung cancer. Phase III studies are also ongoing to evaluate biosimilar versions of Bristol-Myers’ Opdivo (ABP 206), Merck’s Keytruda (ABP 234) and Roche’s Ocrevus (ABP 692).

Competition in the Oncology Space

Other large players in the oncology space are Pfizer PFE, AstraZeneca AZN, Merck, J&J JNJ and Bristol-Myers.

Pfizer boasts a strong portfolio of approved cancer medicines as well as a robust pipeline of cancer candidates. The addition of Seagen in 2023 also strengthened its position in oncology by adding four ADCs — Adcetris, Padcev, Tukysa and Tivdak.  Oncology sales comprise around 28% of its total revenues. Its oncology revenues have risen 7% in the first nine months of 2025, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev, which made up for declining sales of drugs like Ibrance.

For AstraZeneca, oncology sales now comprise around 43% of total revenues. Sales in its oncology segment rose 16% in the first nine months of 2025. AstraZeneca’s strong oncology performance was driven by medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).

Merck’s key oncology medicines are PD-LI inhibitor, Keytruda and PARP inhibitor, Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone accounts for more than 50% of Merck’s pharmaceutical sales. Keytruda recorded sales of $23.3 billion in the first nine months of 2025, up 8% year over year.

Bristol-Myers’ key cancer drug is PD-LI inhibitor, Opdivo, which accounts for around 20% of its total revenues. Opdivo’s sales rose 8% to $7.54 billion in the first nine months of 2025.

J&J’s oncology sales now comprise around 27% of its total revenues. Its oncology sales rose 20.6% on an operational basis in the first nine months to $18.52 billion. While J&J’s older cancer drugs, multiple myeloma treatment Darzalex and prostate cancer drug, Erleada, are key contributors to its top-line growth, new drugs such as Carvykti, Tecvayli, Talvey and Rybrevant, plus Lazcluze, hold the key for long-term growth.

AMGN’s Zacks Rank

Amgen is a Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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