|August 25, 2013|
|19:29 EDT||AMGN, ONXX||Amgen to acquire Onyx Pharmaceuticals for $125 per share in cash|
Amgen (AMGN) and Onyx Pharmaceuticals (ONXX) announced that their boards of directors have 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 $10.4B, or $9.7B net of estimated Onyx cash. Amgen intends to effect the transaction through a tender offer and expects to close at the beginning of Q4, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearance. Amgen will benefit from the global rights to Onyx's innovative oncology portfolio and pipeline. Amgen intends to leverage its oncology capabilities and experience to support Onyx's clinical development programs and maximize Kyprolis' potential in the U.S. and the rest of the world. The acquisition of Onyx also adds to Amgen's robust late-stage pipeline. This pipeline includes nine innovative products for which registration-enabling data are anticipated by 2016. Four of these are innovative, first-in class oncology products. Onyx's pipeline complements Amgen's growing oncology portfolio. In addition to accelerating Amgen's revenue growth, the acquisition of Onyx is expected to be accretive to Amgen's adjusted net income in 2015...Amgen will finance the acquisition with $8.1B in committed bank loans and the balance with cash available in the U.S. The loans have five year terms and carry an average interest charge of LIBOR plus 104 basis points. Amgen expects to retain its investment grade credit rating following this transaction and remains committed to meaningfully increasing the dividend over time.
News For AMGN;ONXX From The Last 14 Days
Check below for free stories on AMGN;ONXX the last two weeks.
|December 6, 2013|
|08:31 EDT||AMGN||Amgen unit, International Myeloma Foundation announce partnership|
The International Myeloma Foundation and Onyx Pharmaceuticals, an Amgen subsidiary, announced the start of a multi-year collaboration in support of the IMF's Black Swan Research Initiative. The BSRI is led by a multinational consortium of leading myeloma experts who are studying and harnessing new technologies and treatments with the goal of developing a cure for myeloma.
|06:19 EDT||AMGN||Amgen price target lowered to $131 from $139 at Citigroup|
Citigroup lowered its price target for Amgen shares to $131 after dropping its estimates for the company's myeloma drug Kyprolis to below consensus. Citi believes the drug's inconvenience and cardiac toxicities are limiting its uptake and while drugs in late stage development offer far more appealing profiles. Citi, however, keeps a Buy rating on Amgen.
|December 3, 2013|
|09:37 EDT||AMGN||Active equity options trading on open|
Active equity options trading on open according to Track Data: CELG YHOO BX ARIA GS NXPI DG AMGN SLW MRK
|December 2, 2013|
|14:03 EDT||AMGN||Amgen pegfilgrastim granted orphan status for treatment of myelosuppression|
|November 27, 2013|
|13:05 EDT||AMGN||Amgen Neupogen granted orphan designation by FDA|
The drug received orphan designation for treatment of subjects at risk of developing myelosuppression after a radiological or nuclear incident. Reference Link
|November 26, 2013|
|16:14 EDT||AMGN||Amgen coverage resumed with an Overweight at Piper Jaffray|