Reports are today that Amgen and Onyx are likely to come to an agreement on Amgen's purchase of the latter by this weekend. It looks like the price will end up in the $130-$135 range (probably closer to low end) instead of the greater $145-$150 many traders were hoping for (if you bought high).
It seems analysts who predicted that Amgen would still have the inside track after its initial $120 per share offer was rejected by the Onyx management and board were right. All other suitors seem to be out now. The sale in the $130's still makes the deal worth more than $9.5 B and represents a greater than 50% hike in value for shareholders of Onyx by more than 1 month ago.
CEO Tony Coles seems to have done his consitutency right. And Amgen will benefit with new products, including the sought after Kyprolis for the treatment of myeloma. See Fierce Biotech.
Posted by Bruce Lehr Aug 8th 2013.