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Amgen To Purchase Onyx For $10.4B

|Includes: Amgen Inc. (AMGN), ONXX

Originally published at www.seclive.com

Amgen Inc. (NASDAQ:AMGN) has entered an agreement to purchase Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) in a deal valued at $10.4B. The transaction is set to close in the beginning of fourth quarter, where Amgen will pay $125 cash per share for Onyx, resulting in Amgen gaining access to the company's three anticancer drugs. Onyx gained FDA approval for its Kyprolis blood cancer drug in July, which analysts estimate could generate more than $3B in revenue by 2021. Amgen had previously attempted to purchase Onyx in June for $120 share but with this newly accepted $125 cash per share deal, will close a deal valued at $9.7B excluding cash. Amgen has secured financing to cover $8.1B worth of the transaction.

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