Replies to post #165679 on Biotech Values

[jq1234]

ONXX-AMGN: The most interesting parts from SEC filing to me aren't AMGN offer, or it was actually ONXX wanted to convince AMGN to include CVR, rather other details:

http://www.sec.gov/Archives/edgar/data/1012140/000119312513354754/d589854dsc14d9.htm#toc589854_4

Previous offers to ONXX:

including an approach by a global pharmaceutical company in 2010 to acquire Onyx for $36 per Share in cash, and an approach by a different global pharmaceutical company in 2011 to acquire Onyx for between $48 and $50 per Share in cash.

Company D (I assume it is PFE - would PFE really do this?):

On July 24, 2013, representatives of Strategic Acquiror D’s financial advisor contacted Centerview and delivered an oral non-binding proposal regarding a structured transaction in which Onyx stockholders would receive $35 per Share in cash and 45% of a combined company consisting of all of the assets of Onyx plus the contribution by Strategic Acquiror D of certain of its oncology assets. Strategic Acquiror D’s financial advisor indicated that Strategic Acquiror D believed that the transaction represented a valuation of $130-$140 per Share for the Onyx stockholders but did not provide specific support for that belief.

Company E (Based on previous reported leaks, I assume either NVS or AZN) - there was actually another all cash bidder, FOCUS derailed it:

On July 9, 2013, Strategic Acquiror E delivered a letter to Centerview indicating Strategic Acquiror E’s non-binding proposal for an acquisition of all Shares in an all-cash transaction with a range of $125 to $130 per Share. The proposal stated that it was not subject to any financing contingency but was subject to approval of Strategic Acquiror E’s board of directors.

..........

Later on July 28, 2013, in response to Strategic Acquiror E’s requests in its diligence review for information relating to the interim data review of the DMC, Centerview communicated to representatives of Strategic Acquiror E the results of the interim review by the DMC of the FOCUS study.

..........

On July 31, 2013, Strategic Acquiror E advised Onyx that it would no longer pursue a transaction with Onyx, citing concerns over uncertainty associated with the outcome of the FOCUS Study and its potential impact. Strategic Acquiror E indicated that following the availability of final data of the FOCUS Study and Onyx’s ASPIRE trial, Strategic Acquiror E might have a renewed interest in a strategic transaction with Onyx.