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Immunex up on takeover talk
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December 13, 2001: 4:29 p.m. ET
Shares of biotech firm rise on rumors it is takeover target of Amgen.
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NEW YORK (CNN/Money) - Shares of biotechnology company Immunex Corp. jumped more than 12 percent Thursday on rumors that it is a takeover target of Amgen Inc., the world's largest biotech firm.
Amgen (AMGN: down $4.20 to $60.19, Research, Estimates) shares retreated more than 3 percent on the rumors, which would bring Immunex's rheumatoid arthritis drug Enbrel into its fold. Enbrel had sales of about $650 million in 2000.
Immunex (IMNX: up $2.51 to $26.96, Research, Estimates) had hoped to get approval for Enbrel to treat chronic heart failure, but was forced to withdraw the drug from trials in March after if proved to be ineffective.
Last month Amgen upped its guidance for earnings growth in 2002.
Both Amgen and Immunex declined to comment. 
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