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12:00 AM
 | 
Sep 09, 2013
 |  BioCentury  |  Finance

Amgen's poker face

How Amgen leveraged FOCUS news to shave $400M off Onyx purchase price

SEC filings posted last week detailing the negotiations between Amgen Inc. and Onyx Pharmaceuticals Inc. show that Amgen managed to shave more than $400 million off the final price based on interim Phase III data for multiple myeloma drug Kyprolis carfilzomib.

The data from the FOCUS trial, which emerged in late July, also scared off the only other offer Onyx was still seriously entertaining.

What was known prior to the filing was that Amgen made an unsolicited offer to buy Onyx for $120 per share in June; Onyx rejected the bid but put itself up for sale; and there had been multiple "interested" parties.

Amgen and Onyx agreed to a deal at $125 on Aug. 26. The small difference between the opening and final prices led some buysiders to conclude Amgen had preemptively priced other bidders out of the running (see BioCentury, July 15).

However, the...

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