Novartis and Pfizer, Added Potential Bidders for Onyx

By IVCPOST Staff Reporter

Jul 01, 2013 11:23 PM EDT

Pharmaceutical companies Novartis and Pfizer join the bandwagon as potential bidders for Onyx Pharmaceuticals Inc, sources close to the situation conferred on Monday.

Onyx, which is a biotech company, places itself up for sale on Sunday due to many "expressions of interest" from other leading companies in the industry. Onyx, developed cancer drugs which hold a strong revenue promise, rejected the initial offer of the larger biotech company Amgen, citing that the $8.7 billion bid was too low.

Pfizer and Novartis, are among the interested companies who are setting their eyes on Onyx and its portfolio for its marketed cancer treatments.

Onyx is the developer and sells Nexavar which is a treatment for kidney and liver cancer. They also sell Stivarga which is a colon cancer drug. These are made, sold and developed in partnership with Bayer.

Due to three cancer drugs on the market, Onyx is relatively attractive to other pharmaceutical companies due to the forecasted elevation in sales in the coming days.

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