Amgen and Onyx Pharmaceuticals, Inc. have entered an agreement under which Amgen will acquire all outstanding shares of Onyx for $10.4 billion in cash. Onyx, a global biopharmaceutical company, develops and commercializes innovative cancer therapies. The transaction is expected to close in 4Q13, subject to customary closing conditions.
Onyx has a growing multiple myeloma franchise, including Kyprolis (carfilzomib) for Injection, which is approved in the U.S. In addition, Onyx has three partnered oncology assets: Nexavar (sorafenib) tablets (an Onyx and Bayer HealthCare compound), Stivarga (regorafenib) tablets (a Bayer compound), and palbociclib (a Pfizer compound). Onyx also has multiple oncology compounds in various stages of clinical development.
"We believe that Amgen is ideally suited to realize the full potential of Onyx's portfolio and pipeline for the benefit of physicians and patients," said Robert A. Bradway, chairman and chief executive officer at Amgen. "Our acquisition of Onyx follows a thorough due diligence process and is fully consistent with our strategy of advancing innovative medicines that address serious unmet medical needs. We expect this acquisition will accelerate growth and enhance value for Amgen shareholders.
"After a careful and thorough evaluation process, our Board of Directors has determined that the all-cash transaction with Amgen maximizes value for our stockholders and expands the potential of our commercial medicines and clinical pipeline to reach more patients globally," said Dr. Tony Coles, chairman and chief executive officer of Onyx.