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Amgen To Acquire Onyx Pharmaceuticals For $125 Per Share In Cash
Date:8/25/2013

THOUSAND OAKS, Calif. and SOUTH SAN FRANCISCO, Calif., Aug. 25, 2013 /PRNewswire/ -- Amgen (NASDAQ: AMGN) and Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) today announced that their Boards of Directors have unanimously approved a transaction under which Amgen will acquire all of the outstanding shares of Onyx for $125 per share in cash.  The purchase price is $10.4 billion, or $9.7 billion net of estimated Onyx cash. 

Onyx Pharmaceuticals, Inc. is a global biopharmaceutical company engaged in the development and commercialization of innovative therapies for improving the lives of people with cancer.  Onyx has an important and growing multiple myeloma franchise, with Kyprolis® (carfilzomib) for Injection already approved in the United States (U.S.). In addition, Onyx has three partnered oncology assets: Nexavar® (sorafenib) tablets (an Onyx and Bayer HealthCare Pharmaceuticals, Inc. compound), Stivarga® (regorafenib) tablets (a Bayer compound), and palbociclib (a Pfizer, Inc. compound).  Onyx also has multiple oncology compounds in various stages of clinical development.

Amgen intends to effect the transaction through a tender offer and expects to close at the beginning of the fourth quarter, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearance."We believe that Amgen is ideally suited to realize the full potential of Onyx's portfolio and pipeline for the benefit of physicians and patients," said Robert A. Bradway, chairman and chief executive officer at Amgen.  "Our acquisition of Onyx follows a thorough due diligence process and is fully consiste
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SOURCE Amgen
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