Just the latest example - Amgen Inc. will add to its Bay Area biotech operations with a $420 million cash acquisition of privately held Ilypsa Inc. of Santa Clara. Ilypsa, which is developing non-absorbed drugs for renal disorders, is a spinoff of Santa Clara-based Symyx Technologies Inc. (NASDAQ: SMMX) that raised some $46 million from Delphi Ventures, Johnson & Johnson and other investors. When the transaction is completed -- expected in the third quarter -- Ilypsa will be a wholly owned subsidiary of Amgen.