Onyx Pharmaceuticals Inc (ONXX)

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Buybacks and Acquisitions, Not Deleveraging, Are Part of Key Cash Deployment Strategy

Reducing debt hasn't been the greatest point of emphasis for most health-care firms, considering their strong cash flows and manageable leverage. Buybacks remain the preferable cash deployment strategy outside of acquisitions and reinvestments, although their pace has decelerated as of late. With growth prospects still uncertain given the macro environment in the U.S. and Europe, cheap debt remains the key source of capital to fund growth strategies, particularly acquisitions. We believe Big Pharma firms will probably continue to rummage around biotechnology for their next targets, and our top five biotech takeout targets all offer the combination of highly sought factors: pipeline potential, therapeutic area attractiveness, collaborative fit, and digestible size. Our top biotech picks are Onyx (ONXX), (other 4 omitted)
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http://news.morningstar.com/articlenet/article.aspx?id=600175

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