NEW YORK— Cancer drugmaker Onyx Pharmaceuticals Inc said on Sunday it rejected a roughly US$10 billion takeover offer from larger biotechnology company Amgen Inc as too low but still is considering selling itself.
The Financial Post reported the offer on Friday, sparking a steep jump in Onyx shares in after-hours trading.
The Burrill Report submits: Shares of Cambridge, Massachusetts-based Curis (CRIS) fell nearly 50 percent on news that its experimental drug in combination with Avastin and chemotherapy failed in a mid-stage trial in metastatic colorectal cancer.
Amgen, Inc. (NASDAQ:AMGN) and its subsidiary Onyx Pharmaceuticals, Inc. on Tuesday announced they have submitted a supplemental New Drug Application (sNDA) to the US Food and Drug Administration (FDA) and a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for Kyprolis® (carfilzomib) for the treatment of patients with relapsed multiple myeloma (MM) who have undergone at least one treatment previously.
Amgen, Inc. (NASDAQ:AMGN) will be laying off 300 workers from its Onyx Pharmaceuticals subsidiary – 40% of the unit’s staff – and will be closing one of Onyx’s buildings in South San Francisco, as the company reorganizes its business into one that will combine the biotech's cancer business with the one recently bought through the Onyx acquisition.
By Markus Aarnio:Onyx Pharmaceuticals (ONXX) is a global biopharmaceutical company engaged in the development and commercialization of innovative therapies for improving the lives of people with cancer and other serious diseases. The company is focused on developing novel medicines that target key molecular pathways.I see at least 3 reasons to buy the company:
1. Promising pipeline
Novartis AG (ADR) (NYSE:NVS) announced Wednesday that the Oncologic Drugs Advisory Committee (ODAC) of the US Food and Drug Administration (FDA) has backed the approval of the company’s investigational biosimilar version of Amgen, Inc.’s (NASDAQ:AMGN) cancer drug, Neupogen. The advisory panel has recommended the imitation drug for all the indications which the reference drug is approved to treat.
By Brian L. Wilson:After a choppy and relatively bearish 2013, the cancer drug company Onyx Pharmaceuticals (NASDAQ: ONXX) is once again on the rise after the FDA approved the drug Stivarga (regorafenib) on February 25th, 2013 for the gastrointestinal stromal tumor (GIST) indication in patients who have previously been treated with imatinib mesylate and sunitinib malate.
By Prohost Biotech:When Onyx (ONXX) announced its intention to acquire the privately held company Proteolix in 2009, investors rushed to sell the stock. Investors are brainwashed into selling any biotech firm that would spend money, regardless of the reason for spending, including acquiring firms with promising breakthrough drugs in final phase trials.