By Staff Report Thursday, September 1st, 2016

Story updated at 11 a.m.:

Thousand Oaks-based biotech giant Amgen acquired global development rights to a multiple myeloma drug from a German company Sept. 1.

Amgen said in a news release it acquired commercial and development rights to BI 836909, which is currently being developed by German company Boehringer Ingelheim. It will work with Boehringer Ingelheim to transfer manufacturing to its facilities.

Amgen will also lead regulatory work on the drug. Terms of the deal were not disclosed.

“BI 836909 allows us to explore a potential new treatment approach that harnesses the immune system to fight multiple myeloma,” Dr. Sean Harper, executive vice president of research and development at Amgen, said in a news release.

As of 10:21 a.m., Amgen’s stock traded down 21 cents to $169.85.

-Contact Philip Joens at pjoens@pacbiztimes.com