Saturday, August 24, 2013

Amgen Said to Be Near Deal to Buy Onyx BY MICHAEL J. DE LA MERCED

Amgen is close to a deal to buy Onyx Pharmaceuticals, a maker of cancer-fighting drugs, for about $125 a share, people briefed on the matter said on Saturday.

A deal — which would be worth more than $10 billion — could be announced as soon as Monday, though these people cautioned that talks are ongoing and could still fall apart.

If a transaction is completed, it would be the latest of many in the health care industry. One incentive for drug makers on the prowl is acquiring new cancer drugs, which can fetch high prices.

Amgen began its quest for Onyx in June, when it made an unsolicited bid for Onyx valued at $120 a share, about 38 percent above its stock price at the time.

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