With Tax repatriation, Amgen has more cash than Pfizer and is looking to outbid them for Celgene. One of these companies will get Celgene while the other will get BMS.
Amgen has close to $30 billion in cash and can raise more cash as well as use their stock for this bid. They main thing they are worried about is how high this bidding war will get with other key players.
Amgen SVP of BD David Piaquad hates George Gumbeski because of his success and the lack of success Amgen BD has had. He can now fix that with an acquisition of Celgene.
Big Pharma but says its biotech. Lots of meetings, calll plans , and twice a month ride a longs. Learn to check boxes not sell.
Bob Bradway at Amgen has been on Piaquads case for his groups unsucesslful BD deals. He fired former CFO Jonathan Peacock for over paying for Onyx Pharmaceuticals and now is up on Piaquad. As a deals guy, Bradway will lose his face with another Amgen failure due to lack luster BD.
I like Individual Development Plans that we spend week upon and no one looks at once submitted. I like multiple teleconferences and web meeting peer week I like 8-5 back to back ride alongs with my DM I like 4 meetings a year that take me out of my territory I like role play I like marketers that have never sold a thing and have never been in the field I like IC plans that only capture 65% of SPs I like homogenous company car choices and paying high fees for monthly use I like compliance oversight I will love Amgen.
I sell Otezla but have a very strong familiarity with Amgen and this is spot on. They over tax your car benefit. Amgen marketers are arrogant and many never sold but when things go bad, they blame the field. It’s never about their lack of access or price hikes. You just didn’t use the CVA right says the company suck up who never sold and husband is a VP so got his wife a job as a director of Marketing with no field or even marketing experience. That’s the Amgen culture. It’s toxic and full of ass kissers back stabbing each other for promotions. Those Receptos folks just killed Celgene. Wish we could dump them.
They have lots of cash and can use their stock. Their investment banker CEO and SVP of BD are looking for the funding. David Piaquad wants Celgene early stage BD pipeline that George G brought in.
I once worked for Pfizer until they sold us to Amgen when Enbrel's contract ended. I can comment on both. Pfizer has a toxic culture that crushes initiative, punished the innocent, dis-incentivizes performance, and focuses on activity over selling. Amgen does all of that to a worse degree and they add a culture of marketers who have never sold anything. They have clowns on the teams that were simply PharmDs before joining Amgen who couldn't successfully sell girl scout cookies in a famine.
See the Amgen thread titled “Ex-McKinsey Enbrel” nerd about a guy named Jay Chiang who is in US marketing but never sold a day in his life. I guess an MIT degree, McKinsey background, and a Ph.D means you are qualified.
Ex Amgen here. Amgen culture is terrible. It’s worse than big Pharma because you expect that crap from them. Amgen sells you it’s biotech but acts like big Pharma in steroids. Amgen was great until the mid 2000’s and it’s been dump that lives off its reputation ever since like it does with its old drugs.
