Amgen maintained by Jefferies at buy

Amgen Inc. was maintained by Jefferies & Co. Inc. analyst Adam A. Walsh at a buy rating after the company announced it would acquire Abgenix, Inc. for $2.2 billion and $450 million in assumed debt. Panitumumab was the key rationale for the acquisition as it was to split profits 50/50, and it eliminates tiered royalty payments on denosumab. Jefferies views the deal as a near-term positive, but the deal's ultimate success depends on positive executive of Amgen's aggressive development plans for panitumumab in cancer indications. Shares of the Thousand Oaks, Calif., biotechnology company were up $3.66, or 4.77%, at $80.44 on volume of 11,330,508 shares versus the three-month running average of 8,170,060 shares.

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