Fierce Biotech reports this morning that Amgen is using so-so interim clinical results from Onyx's ongoing phase III, FOCUS, study to push Onyx for a lower price than its reported $130 per share offer. The market reactd to such tactics by further dropping Onyx's stock price to $116 per share -- which no doubt is not helping. Of course, $116 per share is less than the $120 per share offer from Amgen that Onyx originally turned down to start this auction.
It remains to be seen if there is actually another bidder in play who could force the price up. Onyx CEO Coles implied there was one in his talk to analysts last week. And AZ is rumored to be that suitor as Pfizer and Novartis were reported as having bailed out. AZ has been mum up to this point however.
So we are left with intrigue and a growing sense that Onyx will sell for $130 per share or less -- unless some extremely positive news surfaces from the clinic.
Posted by Bruce Lehr Aug 15th 2013.