Amgen IncAmgen sold its Deerfield campus for $151M in a sale-leaseback, converting an illiquid asset into cash without issuing shares or new debt.

Amgen has sold its office campus in Deerfield, Illinois, for $151 million to an entity tied to Mesirow, a Chicago-based financial services firm, and signed a long-term lease to remain on the roughly 660,000-square-foot campus where it occupies one of three buildings. The sale-leaseback converts an illiquid asset into cash without issuing shares or taking on new debt, though the lease remains a balance-sheet obligation and the rent is priced off prevailing interest rates. The transaction is small against Amgen's roughly $57 billion of debt, much of it taken on to buy Horizon Therapeutics, a load the company has said it wants to reduce. Amgen shares rose 2.11% to close at $414.61. The key question is whether this is a one-off or the start of a broader program of asset sales.
Amgen IncAmgen sold its Deerfield campus for $151M in a sale-leaseback, converting an illiquid asset into cash without issuing shares or new debt.
Eli Lilly and Company
American Express CompanyMesirow is the buyer of Amgen's Deerfield campus for $151 million.