Monday, August 26, 2013

Amgen Buys Onyx Pharmaceuticals For $10.4 Billion

Thousand Oaks-based biotech giant Amgen announced Sunday that it has acquired San Francisco biopharmaceuticals company Onyx Pharmaceuticals, in a deal worth $10.4 billion. Onyx is a developer of biopharmaceuticals used to help patients with cancer. Amgen said it will pay $125 per share inc ash for Onyx Pharmaceuticals. The deal is worth $9.7 billion net of the estimated cash on hand at Onyx. Onyx develops biopharmaceuticals for treating myeloma, including Nexavar (sorafenib) tablets (a combined Onyx/Bayer HealthCare Pharmaceuticals compound), Stivarga (regorafenib) tablets (a Bayer compound), and palbociclib (a Pfizer compound).

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