Amgen has experienced incredible growth rates over the last 20 years, but has also seen an equally astonishing run of bad luck in the last 6 months. Poor clinical trial results, the introduction of biosimilars, and the impending introduction of new competitors have put the earning potential of Amgen's anaemia franchise, which made up nearly 50% of the company's 2006 revenue, into serious doubt. To offset any resulting revenue losses, and boost future growth, Amgen has been looking to expand its technology and product portfolio using its considerable cash reserves. To this end, the company has acquired the two US biotech companies Alantos and Ilypsa. This article discusses Amgen's current situation and the likelihood of these two deals proving to be the success that Amgen so badly needs them to be.