Pfizer Inc, Novartis AG May Join Amgen In Bidding For Onyx Pharmaceuticals Inc-Reuters

Reuters reported that Onyx Pharmaceuticals Inc whose cancer drugs promise a strong revenue stream, is attracting preliminary buyout interest from several large pharmaceutical companies such as Pfizer Inc and Novartis AG. Onyx had rejected a recent $8.7 billion offer from larger biotech Amgen Inc as too low. Pfizer, which is due to pay Onyx royalties on a promising experimental breast cancer drug, and Novartis, with a strong franchise of cancer medicines, are among the parties interested in Onyx and its portfolio of marketed cancer treatments, the two sources said. Amgen's $120-per-share offer in June was its first and the company did not indicate if it was the best and final, according to a third person familiar with the matter, who expected Amgen to participate in the auction process. The offer represented a 38% premium to Onyx's Friday closing share price of $86.82.