Amgen is acquiring Seattle, Wash.-based Rodeo Therapeutics in a move to broaden its reach in regenerative medicine, in a deal worth up to $721 million.

Rodeo, which specializes in small-molecule therapies to regenerate and repair tissues, is developing modulators that target the 15-prostaglandin dehydrogenase (15-PGDH) enzyme, that have shown promise in treating multiple indications.

Amgen also plans to leverage Rodeo’s 15-PGDH program to develop a broad range of new therapeutics, including for inflammatory diseases.

Rodeo will receive $55 million upfront and will be eligible for future milestone-based payments of up to $666 million.