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Pfizer Inc. (PFE) Not Moving Forward With Onyx Pharmaceuticals, Inc. (ONXX) Bid: Sources


7/19/2013 7:04:01 AM

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Pfizer Inc decided not to pursue a bid for Onyx Pharmaceuticals Inc this week, according to two people familiar with the matter, leaving Amgen Inc in the front position to buy the cancer drugmaker. Shares of Onyx closed down 3.3 percent at $128.55 on Thursday, their lowest level since it announced a sale process on June 30 and valuing the South San Francisco, California-based company at around $9.3 billion. Onyx, which rejected Amgen's $120 per share bid and instead put itself up for sale, was expecting to receive first-round offers from a few interested parties as soon as this week, people familiar with the matter previously told Reuters.

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