Amgen to buy Onyx for more than $10 bln
NEW YORK Aug 25 (Reuters) - Amgen Inc struck a more than $10 billion deal to buy Onyx Pharmaceuticals Inc on Sunday, ending a two-month-long auction for the cancer drugmaker.
Amgen said it will pay $125 per share for Onyx, a 4.2 percent increase from the $120 a share it offered to pay in June. Onyx said that bid significantly undervalued the company and put itself up for sale.
The deal represents the fifth-largest biotechnology deal in history and gives Amgen full rights to Kyprolis, the new multiple myeloma drug that analysts expect to reach annual peak sales in excess of $2 billion.
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