Amgen acquires Dark Blue Therapeutics for up to $840 million

Through the acquisition, Amgen will bring in Dark Blue’s small molecule preclinical oncology pipeline, including its lead program aimed at treating acute leukemias. The UK-based biotech will be integrated into Amgen’s oncology research organization as its programs advance toward clinical development.

Amgen said in the release that the deal aligns with its strategy of strengthening internal oncology discovery by adding new biology and expertise at an early stage, rather than acquiring late-stage clinical assets. 

What Amgen is buying

What Amgen is acquiring goes beyond a single asset. The deal brings in Dark Blue Therapeutics’ small molecule oncology pipeline, along with the scientific expertise the company has built around targeting transcriptional regulators that have historically been difficult to drug. The most advanced example of this approach is DBT-3757, Dark Blue’s lead preclinical program in acute leukemia, which the company describes as having first-in-class potential.

DBT-3757 is designed to target MLLT1 and MLLT3, transcriptional regulators linked to abnormal gene expression in certain forms of acute myeloid (AML) and acute lymphoblastic (ALL) leukemia. Instead of inhibiting these proteins, Dark Blue’s approach relies on targeted protein degradation to remove the proteins from the cell. This strategy is particularly relevant for targets that have proven resistant to classical small molecule inhibition.

The targets MLLT1 and MLLT3 are well-studied in academic research, but translating that biology into drugs has been challenging. Dark Blue’s strategy could expand what’s addressable in leukemia, although the program remains preclinical. As with many early-stage acquisitions, much of the deal value is tied to future development and regulatory milestones, with clinical validation still ahead.

The stakes are high as acute leukemias remain a tough setting for drug development because many patients still relapse even after an initial response. In AML, for example, relapse after chemotherapy is common, over 50% in younger patients and up to 90% for the elderly, and outcomes for relapsed/refractory disease remain poor, with reported five-year survival around 10%.  

Why Amgen is buying it

In its announcement, the company framed Dark Blue as a way to deepen its work in leukemia therapeutics and targeted protein degradation, and to “invest early” in novel targets. Amgen is stepping in at a preclinical stage, willing to absorb early discovery risk in exchange for greater control over how the biology is developed. 

Beyond the lead program, Dark Blue has also been developing other small molecules, including projects against targets such as ADAR1 and SMO, which gives Amgen access to a broader early pipeline and discovery capabilities.

The deal lands as large pharma is still showing appetite for next-generation targeted approaches in oncology, including protein degradation. One recent example is Gilead’s partnership with Kymera, an option-based deal worth up to $750 million around molecular glue degraders in cancer.

More specifically, in acute leukemia, while targeted therapies have expanded treatment options, relapse and resistance remain common, leaving room for approaches that intervene at a more upstream level, such as Dark Blue’s focus on transcriptional regulation.

With the preclinical company now integrated into Amgen’s research engine, the immediate focus will be on advancing its programs through IND-enabling work and into the clinic, and this is when the strategic rationale of the acquisition can begin to be truly tested.