August 25, 2013

Amgen may buy cancer drug maker Onyx for $10.5B

Biotech drugmaker Amgen is reportedly close to buying cancer drug maker Onyx Pharmaceuticals for about $10.5 billion.

The New York Times reported Saturday that Amgen Inc. would buy Onyx for $125 per share. It cited people familiar with the matter. Onyx declined to comment, while Amgen did not immediately respond to inquiries.

Amgen's drugs includes Prolia for osteoporosis, Enbrel for rheumatoid arthritis and skin disorders, and Neulasta and Neupogen for fighting infection in cancer patients.

Onyx Pharmaceuticals Inc. markets a liver and pill called Nexavar through a partnership with Bayer AG. Sales totaled about $861 million in 2012. In July the regulators approved Onyx's Kyprolis as a treatment for a type of blood cancer.

Onyx rejected an offer from Amgen of $120 per share in June.

© 2013 The Associated Press. All rights reserved.

Citation: Amgen may buy cancer drug maker Onyx for $10.5B (2013, August 25) retrieved 19 April 2024 from https://medicalxpress.com/news/2013-08-amgen-cancer-drug-maker-onyx.html
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