June 28 Biotech Amgen Inc has offered
to buy smaller biotech Onyx Pharmaceuticals for $120
per share in cash, Canadian newspaper Financial Post reported on
Friday, sending Onyx shares up about 30 percent in after-hours
The Financial Post said that documents it had seen said that
Amgen had sent material to Onyx in which it said it would
propose a cash acquisition worth about $10 billion and requested
due diligence and a document review period.
The Financial Post said that Amgen had sent the documents to
Onyx about two weeks ago. Both companies are based in
In a research note, ISI Group analyst Mark Schoenebaum said
that were a deal to occur, Onyx's Kyprolis cancer drug would fit
well into Amgen's cancer drug sales and marketing infrastructure
and complement Amgen's portfolio of cancer drugs.
Onyx shares were trading at $111 after closing at $85.20, an
increase of $25.80, or about 30 percent. Amgen shares were
trading at about $98 after-hours after closing at $98.61.
Spokeswomen at Amgen and Onyx declined to comment.