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Published On: Mon, Aug 26th, 2013

Amgen acquires rival Onyx for US$ 10.4 B

The world’s reputable biotech firm Amgen has agreed to buy its rival Onyx Pharmaceuticals, cancer drug maker for US$ 10.4 billion, the two companies announced on Sunday (25/8).

Both have reached a deal after months of negotiation. Amgen will acquire shares in Onyx for a US$ 125 a share in cash. THis is an increase of US$ 4 from Amgen’s previous bid, which was turned down by Onyx as insufficient.

In the statement, Amgen will use its experience and capabilities to support Onyx’s clinical research and development programs and help promote Kyprolis in the US and the rest of the world. Kyprolis is a medicine for blood cancer developed by Onyx and approved by the US authorities in 2012.

Amgen will be able to add value to Kyprolis, a product with a promising stage of its launch, according to Robert A. Bradway, Amgen’s chairman and chief executive.

The transactions will be finalized in the beginning of the fourth quarter.

Meanwhile Amgen said that it will borrow US$ 8,1 million and draw on its cash reverse for the remaining US$ 2,3 billion to finance its acquisition. Thousand Oaks-based Amgen saw its sales grow US$ 4,68 billion in the second quarter of the year.

Amgen produces some top selling medications, including arthritis medication Enbrel, osteoporosis drug Prolia and anemia drugs Epogen and Aranesp.

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