Biotech giant Amgen said it has agreed to buy Mountain View-based Avidia for up to $380 million.

Under the accord, expected to be completed this year, Amgen of Thousand Oaks will pay $290 million in cash and up to $90 million more if Avidia meets certain milestones developing its drugs.

Avidia has only 37 employees, and at $380M, that means each employee is responsible for more than $10M, if they do get the full price. The company uses proteins to develop drugs to treat inflammation, autoimmune diseases and other ailments.

The Merc has a good story about how it is the latest move by Amgen to become a big player in the SF Bay Area.

Avidia’s venture investors have got to be happy. They pumped in only about $76 million. Backers include Alloy, HealthCare Ventures, MedImmune, Morgenthaler, Skyline Ventures and TPG Ventures.