BioPharma Stock Alert: Amgen (AMGN) Spikes on News of Acquiring Onyx Pharmaceuticals, Inc. (ONXX)
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New York, NY Point Roberts, WA - August 26, 2013 (Investorideas.com Newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in investing ideas for leading sectors including biotech and pharma stocks issues a trading a alert for Amgen Inc. (NasdaqGS: AMGN), trading at $114.88, up $ 9.28 or 8.79% as of 4:29PM on over 7 Million shares.
On Sunday Amgen (AMGN) and Onyx Pharmaceuticals, Inc. (ONXX) announced that their Boards of Directors unanimously approved a transaction under which Amgen will acquire all of the outstanding shares of Onyx for $125 per share in cash. The purchase price is $10.4 billion, or $9.7 billion net of estimated Onyx cash.
Shares of Onyx Pharmaceuticals, Inc. (NasdaqGS: ONXX) are trading at $123.62, gaining $6.66 or 5.69% as of 12:34PM EDT on over 16 Million Shares.
Amgen is committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics. This approach begins by using tools like advanced human genetics to unravel the complexities of disease and understand the fundamentals of human biology.
Amgen focuses on areas of high unmet medical need and leverages its biologics manufacturing expertise to strive for solutions that improve health outcomes and dramatically improve people's lives. A biotechnology pioneer since 1980, Amgen has grown to be the world's largest independent biotechnology company, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential.
For more information, visit www.amgen.com and follow us on www.twitter.com/amgen.
Based in South San Francisco, California, Onyx Pharmaceuticals, Inc. is a global biopharmaceutical company engaged in the development and commercialization of innovative therapies for improving the lives of people with cancer. The company is focused on developing novel medicines that target key molecular pathways. For more information about Onyx, visit the company's website at www.onyx.com. Onyx Pharmaceuticals is on Twitter. Sign up to follow our Twitter feed @OnyxPharm at http://twitter.com/OnyxPharm.
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