Biotech Amgen Inc has offered to purchase smaller biotech Onyx Pharmaceuticals for $120 per share in cash, Canadian newspaper Financial Post reported on Friday, sending Onyx shares up about 30 percent in after-hours trading. The Financial Post said that documents it had seen said that Amgen had sent material to Onyx in which it said it would propose a cash acquisition worth about $10 billion and requested due diligence and a document review period.The Financial Post said that Amgen had sent the documents to Onyx about two weeks ago. Both companies are based in California.In a research note, ISI Group analyst Mark Schoenebaum said that were a deal to occur, Onyx's Kyprolis cancer drug would fit well into Amgen's cancer drug sales and marketing infrastructure and complement Amgen's portfolio of cancer drugs.Onyx shares were trading at $111 after closing at $85.20, an increase of $25.80, or about 30 percent. Amgen shares were trading at about $98 after-hours after closing at $98.61.
Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN fell by 0.33% or $-0.33/share to $98.66. In the past year, the shares have traded as low as $67.61 and as high as $114.95. On average, 5314280 shares of AMGN exchange hands on a given day and today's volume is recorded at 5270112.
Onyx Pharmaceuticals, Inc. (Onyx) is a biopharmaceutical company. Shares of ONXX traded higher by 1.9% or $1.62/share to $86.82. In the past year, the shares have traded as low as $41.26 and as high as $101.57. On average, 1214190 shares of ONXX exchange hands on a given day and today's volume is recorded at 1908863.
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