Pfizer not to move forward with takeover bid for Onyx -sources

NEW YORK, July 18 Thu Jul 18, 2013 3:13pm EDT

NEW YORK, July 18 (Reuters) - Pfizer Inc decided not to pursue a bid for Onyx Pharmaceuticals Inc this week, according to two people familiar with the matter, leaving Amgen Inc in the pole position to buy the cancer drugmaker with a market value of nearly $10 billion.

Onyx, which rejected Amgen's $120 per share bid and instead put itself up for sale on June 30, was expecting to receive first-round offers from a few interested parties as soon as this week, people familiar with the matter previously told Reuters.

Pfizer, among the drugmakers that have been evaluating a bid as recently as a few days ago, has decided not to move forward, mainly on concerns that Onyx has become too expensive after a recent run-up in its share price, the people said on Thursday.

The sources asked not to be named because details of the auction are not public. Pfizer and Onyx declined to comment. Amgen did not immediately respond to requests for comment.

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see
Comments (2)
Patents wrote:
Remember LIPITOR story. Pfizer had marketing agreement for Lipitor with Warner Lambert.When Warner Lambert acquisition was announced in 1999,2yrs. later–Pfizer was mad and paid a hefty premium.
Pfizer currently thinks–that they have a sweet deal with ONXX–so why buy the whole co.? Onxx is doing great with new drugs–so look at the pipeline.

Jul 18, 2013 3:46pm EDT  --  Report as abuse
Patents wrote:
I am sure that SEC and NY attorney’s team is watching the “SOURCES”.Those doing the leaking are going to be caught!!

Jul 18, 2013 5:21pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.