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Novartis apparently out of the bidding for Onyx Pharmaceuticals

  • 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.
Comments (1)
  • chicagomary
    , contributor
    Comments (82) | Send Message
     
    FMR reported that it bought enough shares to now own +9% of ONXX. Stock moved up in after market trading.
    13 Aug 2013, 04:38 PM Reply Like
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