Earnings & Deals: MedImmune buys Amplimmune -- Gazette.Net


Gaithersburg biotechnology company MedImmune agreed this week to purchase a much smaller Gaithersburg biotech, Amplimmune, in a deal that could be worth up to $500 million.

MedImmune, the global biologics research and development arm of British giant AstraZeneca, has roughly 2,000 employees at its headquarters, while Amplimmune has 38 employees, which MedImmune plans to retain. Amplimmune focuses on developing novel therapeutics in cancer immunology. Among its products is AMP-514, which is in late-stage preclinical development with an anticipated new drug filing by the end of 2013.

Under the terms of the agreement, MedImmune will acquire 100 percent of Amplimmune’s shares for an initial consideration of $225 million and a deferred consideration of up to $275 million based on reaching predetermined development milestones.

The acquisition will allow MedImmune “to strengthen our arsenal of potential cancer therapies,” said Bahija Jallal, executive vice president of MedImmune.

The transaction is subject to regulatory approval and is expected to close by Sept. 30.

Bethesda-based LaSalle Hotel Properties acquired hotels in San Francisco and Key West, Fla., officials said this week.

LaSalle paid $184.5 million for a group of Key West properties called The Southernmost Hotel Collection that total 260 rooms.

LaSalle purchased the 236-room Serrano Hotel for $71.5 million. The hotel in San Francisco’s Theater District was built in 1928, then closed and renovated in 1998.

Rockville-based Payroll Tax Network LLC, an affiliate of Payroll Network Inc., recently rolled out TaxNet, a comprehensive payroll tax service for employers that process their payrolls in-house.

In the past, businesses that chose to process payrolls in-house had to develop the internal expertise, systems and procedures to manage the filing and reporting of their payroll taxes. The TaxNet system provides a full range of payroll tax services tailored to meet such businesses’ specific needs, said George Sarbacher, president of Payroll Tax Network.