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Amgen (AMGN) sweetens bid for ONYX


Report: Determined Amgen sweetens its bid for Onyx Pharma
August 6, 2013 | By John Carroll


Onyx's campaign to spark a bidding war for the company may be working--at least a little bit. Bloomberg, which has been tracking the blow-by-blow through its sources, says that Amgen ($AMGN) has bumped its offer to $130 a share, up from the original $120 bid that prompted Onyx ($ONXX) to put itself on the auction block.

If accurate, Amgen's not far off the current share price for Onyx, hovering around $132 on Tuesday afternoon. But the news is likely to still be a disappointment for the bulls, who want to see the biotech--valued at around $10 billion--go for a much higher price. Bloomberg adds that the $130 offer is currently the highest bid.

In the weeks since Onyx acknowledged Amgen's bid, reporters at Bloomberg as well as Reuters have identified a few interested bidders. At one point in late July, Novartis ($NVS), Pfizer ($PFE) and AstraZeneca ($AZN)--anxious to grow a weakening sales number--were reportedly interested in a buyout, though Amgen is the only company publicly linked to an Onyx offer.

Read more: Report: Determined Amgen sweetens its bid for Onyx Pharma - FierceBiotech http://www.fiercebiotech.com/story/report-determined-amgen-sweetens-its-bid-onyx-pharma/2013-08-06#ixzz2bKBQ5f4b
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