BioCentury
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Amgen acquiring Onyx

August 27, 2013 12:07 AM UTC

Amgen Inc. (NASDAQ:AMGN) jumped $8.15 to $113.75 on Monday after it and Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) said Amgen will acquire the cancer company for $125 per share in cash, or about $10.4 billion including Onyx's cash. Onyx markets multiple myeloma drug Kyprolis carfilzomib as well as Nexavar sorafenib with Bayer AG (Xetra:BAYN) to treat liver cancer and advanced kidney cancer. The final price is above Amgen's unsolicited offer of $120 per share, which Onyx's board rejected early last month, but is less than the $130 per share in cash that Amgen was rumored to have raised its bid to (see BioCentury Extra, Aug. 6).

The final price is a 7% premium to Onyx's close of $116.96 on Friday, before the deal was announced. The price is a 44% premium to Onyx's close of $86.82 on June 28, before rumors surfaced that Amgen was considering a bid for Onyx (see BioCentury, July 15). ...