According to Reuters, both Novartis and Pfizer have dropped out of the Onyx bidding and stopped any due diligence. That leaves Amgen in the lead with its $130 per share offer -- the only formal offer pending -- and AZ is supposedly still doing due diligence. This of course is according to the "wise guys", i.e. analysts, and Onyx's CEO Tony Coles for what that's worth.
Novartis Chairman Reinhard is on record as saying the deal is too rich for Novartis. He did however also reveal that the company is in the process of a strategic review of its businesses and is willing to spend up to $10 B for the right acquisition property. Analysts are urging that Novartis divest some of its poor performing units, like vaccines. Reinhard leaves open the possibility that they may invest further in the OTC business even though their current holdings aren't all that competitive. They see growth in OTC though. See Reuters.
Regardless, we should be getting closer to a completion of an Onyx deal and the likely winner will be Amgen with its current offer in excess of $9.5 B. Not bad pay day for Onyx and its shareholders. See Fierce Biotech.
Posted by Bruce Lehr Aug 14th