Last week there was additional information released referencing some of the data on the drugs in production at Onyx and this must have done the trick for Amgen to give the go ahead to buy. Last year Onyx made the news with their approval of a new skin cancer drug. The drug comes under the category of one of the life extending drugs on the market.
Carfilzomib From Onyx Gets FDA Approval for Treating Multiple Myeloma For Patients Who Have Had Prior Treatments
In addition, they are also co-marketing a drug with Bayer for a colon cancer drug and will receive a 20% royalty on global net sales of the product, and the drug is being tested for use with breast cancer. Amgen is the largest biotech company around.
Earlier this year May was also a very busy month for acquisitions in the biotech business with several others that occurred.
Amgen buying cancer drug maker Onyx for $10.4B
Amgen agrees to buy cancer drug maker Onyx for $10.4B, or $125 per share
NEW YORK (AP) — Biotech drugmaker Amgen will buy cancer drug maker Onyx Pharmaceuticals for about $10.4 billion in cash in a deal that will add several cancer drugs to Amgen's stable and boost its pipeline of new drugs.
Amgen Inc. said Sunday that it will acquire Onyx for $125 per share, and it expects to complete the deal at the beginning of the fourth quarter. The companies value the deal at $9.7 billion excluding Onyx's cash, and Amgen said it will use $8.1 billion in committed bank loans to finance the deal.
Onyx rejected an offer from Amgen worth $120 per share in June.