Biotech giant Amgen, Inc has agreed to buy Ilypsa, a privately-held, Sand Francisco based firm focusing on the development of drugs against kidney disease, for $420 million. Ilypsa's lead drug candidate, ILY101, is a phosphate binder for the treatment of abnormally high levels of phosphate in the blood in Chronic kidney disease (CKD) patients on hemodialysis.

ILY101 is an orally administered, non-absorbed polymeric agent that works by preventing the absorption of ingested phosphate. Studies suggest that ILY101 may have enhanced phosphate binding selectivity and capacity compared to currently available polymeric phosphate binding agents. ILY101 has completed Phase 2 trials in patients with CKD who are on hemodialysis.

More details regarding the acquisition from Amgen's press release.