Amgen close to buying Onyx for $125 per share

Sat Aug 24, 2013 4:00pm EDT

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Aug 24 (Reuters) - Amgen is close to buying Onyx for $125 per share, or more than $10 billion, in a deal that is expected to be announced as soon as Monday, two people familiar with the matter said on Saturday.

A deal, which is still being finalized and would require board approval from both companies, would represent the fifth-largest biotechnology deal in history.

The proposed takeover would value Onyx at 13 times the company's expected revenues for next year, one of the richest valuations in biotech takeovers, one of the people said.

The people asked not to be identified because the matter is not public. Representatives for Amgen and Onyx could not be immediately reached for comment.

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