Two large U.S. biotechnology companies aiming to expand their respective rosters of drugs in development took steps in that direction Thursday with the announcement of deals that see each of them acquire smaller rivals.

Thousand Oaks, California-based Amgen, the world’s largest biotech company, said that it will pay $1.16 billion in cash, or $11 a share, for anticancer drug developer Micromet. Rockville, Maryland-based Micromet specializes in drug technology that uses patients’ T cells to target cancer cells.

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