Amgen Inc struck a deal to purchase cancer drug maker Onyx Pharmaceuticals Inc for about $10.4 billion on Sunday, as it moves to restock its product pipeline in response to declining sales of its flagship anemia drugs.The acquisition - which ends a two-month-long auction of Onyx - represents the fifth-largest biotechnology deal in history. It gives Amgen full rights to Kyprolis, the new multiple myeloma drug that analysts expect to reach annual peak sales in excess of $2 billion.The world's largest biotechnology company will also gain a revenue stream from the liver and kidney cancer drug Nexavar that Onyx shares with Bayer AG, as well as royalty payments on Bayer's much newer colon cancer drug, Stivarga, and potential future royalties on an experimental breast cancer drug being developed by Pfizer Inc.Thousand Oaks, California-based Amgen has faced growing pressure to beef up its drug development pipeline as safety concerns have trimmed sales of its flagship anemia drugs, Aranesp and Epogen. Also, patents on four of its five top-selling drugs are set to expire starting in 2015.
Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN fell by 0.65% or $-0.69/share to $105.60. In the past year, the shares have traded as low as $80.60 and as high as $114.95. On average, 3248110 shares of AMGN exchange hands on a given day and today's volume is recorded at 1572216.
Onyx Pharmaceuticals, Inc. (Onyx) is a biopharmaceutical company. Shares of ONXX fell by 0.54% or $-0.63/share to $116.96. In the past year, the shares have traded as low as $68.12 and as high as $136.87. On average, 2289700 shares of ONXX exchange hands on a given day and today's volume is recorded at 1236300.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 0.64% or $0.18/share to $28.34. In the past year, the shares have traded as low as $23.55 and as high as $31.15. On average, 56547200 shares of PFE exchange hands on a given day and today's volume is recorded at 18507496.
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