Amgen acquires All Of Its Shares With Onyx Pharmaceuticals
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Amgen to acquire Onyx Pharmaceuticals

9:32 AM, 26th August 2013
Amgen Business Acquisition News

THOUSAND OAKS/SOUTH SAN FRANCISCO, US: Amgen - company involved in discovering, developing, manufacturing and delivering innovative human therapeutics - will acquire all of the outstanding shares of Onyx Pharmaceuticals Inc, a global biopharmaceutical company, for $125 per share in cash. The purchase price is $10.4 billion, or $9.7 billion net of estimated Onyx cash. Amgen intends to effect the transaction through a tender offer and expects to close at the beginning of the fourth quarter, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearance.

The acquisition of Onyx also adds to Amgen’s robust late-stage pipeline. This pipeline includes nine innovative products for which registration-enabling data are anticipated by 2016. Four of these are innovative, first-in class oncology products. Onyx’s pipeline complements Amgen’s growing oncology portfolio. In addition to accelerating Amgen's revenue growth, the acquisition of Onyx is expected to be accretive to Amgen's adjusted net income in 2015.

“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. 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,” said Robert A Bradway, Chairman and CEO, Amgen.

“Amgen has a unique opportunity to add value to Kyprolis, a product which is at an early and promising stage of its launch. Our two companies share a strong culture of innovation and a focus on patient needs. I look forward to bringing the talented people of Onyx and Amgen together as we continue to fulfill our commitment to unlocking the potential of biology for patients suffering from serious illnesses,” added Bradway.

 

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