Amgen buying Onyx for $10.4 billion to be bigger player in cancer therapies
This article was originally published in Scrip
Amgen said it will buy Onyx Pharmaceuticals for $10.4 billion in cash, or $125 a share, in a deal that significantly builds the big biotech company’s cancer drug program.
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Deal Snapshot: The $445m Cerevel gains will help as it plans to have at least six programs in the clinic within the next year. CEO Tony Coles will head up a public firm for the first time since Amgen bought Onyx.
The company's proteasome inhibitor reduced the risk of death in combination with J&J's CD38 inhibitor in a Phase III trial. A day earlier, Amgen reported clinical holds on its Phase I MCL-1 inhibitors due to cardiac safety.
Amgen oncology development VP Greg Friberg talked to Scrip about the company's rapidly growing oncology portfolio. "This is our renaissance," he said.