Amgen nearing acquisition of Onyx for USD125 a share

August 25
6:40 AM 2013

Amgen Inc. said that a deal to acquire Onyx Pharmaceuticals Inc. would soon come to an agreement. People who were familiar with the matter said that Amgen would buy the manufacturer of the cancer drug Kyprolis for about USD125 a share.

The Amgen-Onyx USD9.16 billion all cash deal might be publicly announced as soon as Monday. The deal may be valued to as much as USD10.5 billion including preferred shares. This was according to people who were familiar with the talks and asked not to be named as it was still held private in nature. The price for the deal would be more than the closing price California-based Onyx at USD116.96 last August 23.

Onyx's drug was approved last year for patients diagnosed with multiple myeloma. By 2021, the drug was said to draw revenue that is more than USD3 billion. This was according to the estimate of analysts compiled by Bloomberg. The deal would give Amgen a boost as it planned to expand Thousand Oaks, Amgen's roster of drugs.

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