- Novartis (NVS +0.7%) is apparently out of the bidding for Onyx Pharmaceuticals (ONXX +0.1%), as its current valuation has made it too expensive for the drug giant.
- ONXX spokesperson Lori Melancon says the company doesn't comment on rumors and speculation, while NVS also declined to comment.
- Earlier today, talk circulated that NVS wasn't shying away from as much as a $10B bid for ONXX.
- Also worth noting is a number of hefty sales in ONXX last week by some senior insiders, including its CFO.
Novartis apparently out of the bidding for Onyx Pharmaceuticals
Aug 13 2013, 13:45 ET