Novartis apparently out of the bidding for Onyx Pharmaceuticals

|About: Novartis AG (NVS)|By:, SA News Editor

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.