Onyx Pharmaceuticals Inc (ONXX)

[chmcnfunds]

Report Claims Amgen Made Bid For Onyx Pharma

BY Adam Feuerstein| 06/28/13 - 06:23 PM EDT
Stock quotes in this article: AMGN, ONXX

THOUSAND OAKS, Calif. (TheStreet) --

Amgen (AMGN_) has reportedly made an unsolicited, $120-per-share takeover offer for Onyx Pharmaceuticals (ONXX_), according to the Financial Post, citing an Amgen offer letter obtained by the Canadian newspaper.

Onyx shares jumped 19% to $107.50 in Friday after-market trading. Onyx spokeswoman Lori Melancon had no comment, saying she hadn't yet read the Financial Post story and had only just talked to the reporter who wrote it.

Amgen spokesman David Caouette would not confirm nor deny the authenticity of the letter. "We don't comment on market rumors or speculation," he said.

"I feel a timely combination of our organizations would be very complementary," said the letter allegedly written by Amgen to Onyx two weeks ago, according to the Financial Post story. The letter goes on to propose an Amgen acquisition of Onyx for $120 per share, or $10 billion in total.

The Financial Post doesn't disclose the author of the letter, nor does the newspaper say how it obtained the letter.

Amgen shares were unchanged at $96.88 in after-hours trading.

-- Reported by Adam Feuerstein in Boston.
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