Amgen is set to acquire Otezla (apremilast) from Celgene, the companies have announced.

The acquisition is in connection with its previously announced merger with Bristol-Myers Squibb to acquire worldwide rights to the drug, which is the only oral, non-biologic treatment for psoriasis and psoriatic arthritis.

The company will also receive certain related assets and liabilities for $13.4 billion in cash, or approximately $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits.

Amgen has announced that upon the gaining of Otezla, they can provide "at least low double-digit" Otezla sales growth, on average over the next five years and "accelerate the company’s near- and long-term revenue growth."

The acquisition of Otezla offers a “unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel and Amgevita brands," said Robert A. Bradway, chairman and chief executive officer at the company.

He continued, "We will take advantage of our 20 years of experience in inflammatory disease to realise the full global potential of Otezla as an affordable option for patients with these serious, chronic inflammatory conditions."

The company said that the “closing of the acquisition is contingent on Bristol-Myers Squibb entering into a consent decree with the Federal Trade Commission in connection with the pending Celgene merger, the closing of the pending merger with Celgene and the satisfaction of other customary closing conditions.”

"Otezla represents an exciting opportunity to strengthen Amgen's presence in inflammation and continue Amgen's geographic expansion," explanded Bradway.

"We are excited about the opportunity that Otezla represents for Amgen, for our shareholders, and for patients worldwide, and we look forward to welcoming those staff members who support Otezla to the Amgen family."

The transaction is expected to close by the end of 2019.