Merrill changes Abgenix to no rating

Abgenix, Inc. was changed by Merrill Lynch analyst Eric Ende to no rating from a buy on news that the company would be acquired by Amgen Inc. for $2.2 billion in cash, or $22.50 per share, plus the assumption of Abgenix's convertible debt of about $450 million. The transaction, which is subject to shareholder approval, is expected to close in the first quarter of 2006. Because shares are not trading on the fundamentals, Merrill said, investors should not rely on its rating and estimates. Shares of the Fremont, Calif., biopharmaceutical company were up $7.03, or 47.99%, at $21.68 on volume of 61,716,205 shares versus the three-month running average of 2,864,240 shares.

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