Onyx Starts Acquisition Process; Price And Competition To Come Into Play
This article was originally published in The Pink Sheet Daily
The fast-growing biotech is soliciting bids, after a rejected Amgen offer and additional third party interest. Wall Street is scrambling to determine how to value Onyx and who the bidders could be.
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The addition of Onyx’s cancer drugs to Amgen’s portfolio will fill a near-term sales gap for the big biotech and reinforce the company as a major oncology player. But Amgen will need to execute expertly on the merger if it is to transform itself into a high-growth biotech.
Amgen will acquire the cancer company Onyx for $125 per share, or $10.4 billion. That's higher than the $120 per share Amgen originally offered, but less than some investors and analysts thought obtainable.
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