Reportedly the Onyx acquisition activity had slowed down due to Onyx's (largely rightful) refusal to share information on its phase III trial with its star drug, Kyprolis. But Onyx now has apparently decided to (and has) hand over the information to its remaining suitors in the acquisition chase. That means Amgen has at its disposal the information it needs to ratify its bid of $130 per share for Onyx. That would make the final deal worth more than $9.5 B to Onyx shareholders.
If you remember, Onyx previously spurned an offer from Amgen of $120 per share saying it "undervalued the company". On the strength of that turn down, and its hiring of investment advisors to shopt the firm, the stock shot up to more than $135 per share -- leading various wags to guess how high over $140 per share it would take to close the deal. As of this writing, Onyx share price currently stands at $117.59 per share.
Posted by Bruce Lehr Aug 22nd 2013.