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Amgen (AMGN) Finally Reaches Deal to Buy Onyx Pharmaceuticals, Inc. (ONXX) for $10.4 Billion, AMGN Stock Rockets +7.72% on Monday @ Market Close (August 26, 2013)


8/26/2013 6:42:29 AM

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Although Amgen is the world’s biggest biotechnology company, the drug maker has been mostly absent from one of the industry’s biggest and fastest-growing markets: cancer drugs. It took a big step to fix that on Sunday, agreeing to buy Onyx Pharmaceuticals for about $10.4 billion in cash to gain access to the company’s three anticancer treatments. Under the terms of Sunday’s deal, Amgen will offer $125 a share in cash through a tender offer for Onyx’s shares.

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