Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Onyx Pharmaceuticals, Inc. is a bio-pharmaceutical company. The Company is developing therapies that target the molecular mechanisms which cause cancer. The company has a promising investing future and according to Reuters has added two large pharmaceutical firms to its suitors. Yesterday, the cancer-drug maker rejected an offer of $10 billion from Amgen, stating it is waiting on better offers from suitors. Onyx noted that recent Amgen offer was not in the best interest of the company and shareholders. Amgens offer was its first and the company did not indicate if it was final, will probably continue participating in the auction process.

Pfizer, the worlds largest pharmaceutical enterprise and Novartis, owning a strong franchise of cancer medicines are said to be interested in Onyx. The company seems attractive to many of the largest pharmaceutical companies such as Bayer AG, AstraZeneca, Merck & Co. Mostly the value of Onyx is based on its well established products on the medicine market.

Onyx top selling products are Nexavar, a treatment for liver and kidney cancer, and the new colon cancer drug Stivarga – both made in partnership with Germanys Bayer. Onyx last year began selling Krypolis, which is estimated to reach annual sales of $3 billion.

Yesterday at market close Onyx surged 51.3% at $131.33 on Nasdaq, well above Amgens offer, showing some interest from investors which obviously rate the company higher than Amgens bid.

Amgen Chief Executive Bob Bradway, a used to be Morgan Stanley investment banker, took over just over a year ago. Amgen shares have risen more than 30% since then as investors stayed content over rise of dividends and shares. Amgen, which held more than $21 billion in cash at the end of March, has not done a deal for more than $1 billion since 2006.

Giant bio-pharmaceutical companies are looking to acquire smaller biotech firms to gain access to new drugs, often high-priced cancer treatments, as they face significant revenue losses from dealing with patents.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Oil fluctuates, U.S. data in focusOil fluctuates, U.S. data in focus Oil prices swung between gains and losses on Monday after posting their biggest daily advance on Friday since August 1 and erased most of earlier weekly losses. Market players are looking ahead at key U.S. economic data due later this week to […]
  • Forex Market: AUD/USD daily forecastForex Market: AUD/USD daily forecast During yesterday’s trading session AUD/USD traded within the range of 0.9414-0.9504 and closed at 0.9491.At 8:01 GMT today AUD/USD was losing 0.37% for the day to trade at 0.9461. The pair touched a daily low at 0.9450 at 4:50 […]
  • Vodafone share price up, reports better revenue amid European recoveryVodafone share price up, reports better revenue amid European recovery Vodafone Group Plc reported on Thursday an improvement in revenue drops during the third quarter as the British company benefited from increased traffic on its 4G networks.The worlds second-biggest mobile carrier by subscribers stated a […]
  • The UK’s shoplifting hotspotsThe UK’s shoplifting hotspots Shoplifting is on the rise in the UK, mainly due to the constantly rising cost of living and food prices that are subject to the most rapid increase in over four decades. In the 12-month period to March 2023, several grocery items saw a price […]
  • Gold set for best week in 2 months on Fed stimulus outlookGold set for best week in 2 months on Fed stimulus outlook Gold remained firm above the $1 300 mark on Friday and is on track to post its best weekly performance since August as the U.S. dollar hovered over an 8-1/2 month low on speculations that the Federal Reserve will refrain from scaling back its […]
  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook Yesterday’s trade saw USD/CAD within the range of 1.3324-1.3437. The pair closed at 1.3364, going up 0.16% on a daily basis, while extending the gain from Friday. The daily high was a higher-high test of the high from September 30th and also […]