Amgen, a biotech based in Thousand Oaks, Calif., has entered into a definitive agreement to acquire deCODE Genetics, an Iceland-based company that analyzes the human genome.

The all-cash transaction values deCODE Genetics at $415 million, subject to customary closing adjustments, and was unanimously approved by the Amgen board of directors.

"deCODE Genetics has built a world-class capability in the study of the genetics of human disease," said Robert A. Bradway, president and CEO at Amgen. "This capability will enhance our efforts to identify and validate human disease targets. This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets while avoiding investments in programs based on less well-validated targets."

Founded in 1996, deCODE Genetics analyzesthe human genome in pursuit of understanding the link between the genome and disease susceptibility. Using expertise and access to a well-defined population in Iceland, deCODE Genetics has discovered genetic risk factors for dozens of diseases ranging from cardiovascular disease to cancer.

"One of the ways to truly realize the full value of human genetics is to make our research synergistic with drug development efforts where target discovery, validation and prioritization efforts can be accelerated," said Kari Stefansson, M.D., Dr. Med., founder and CEO of deCODE Genetics. "We believe Amgen's focus and ability to incorporate our genetic research into their research and development efforts will translate our discoveries into meaningful therapies for patients."

This transaction does not require regulatory approval and is expected to close before the end of 2012.