Amgen Sells Deerfield Campus for $151 Million, Leases it Back

Pharmaceutical company Amgen Inc. (NASDAQ:AMGN) has sold its office campus in Deerfield, Illinois for $151 million to a Mesirow entity.

The buyer is an affiliate of financial services firm Mesirow, based in Chicago, and Amgen will continue to occupy the roughly 660,000-square-foot campus under a long-term lease agreement.

This sale and leaseback transaction allows Amgen to raise cash without issuing new shares or taking on additional debt, which stands at approximately $57 billion following its acquisition of Horizon Therapeutics.

The company's balance sheet will be impacted by the swap from an owned asset to a long-term liability in exchange for the single payment, with the rent now constituting a long-term obligation.