Under CEO Robert Bradway, Amgen made an Asian expansion one of its top priorities this year, and it's followed through with a decision to set up a new research center in Shanghai.
With Valeant Pharmaceuticals forking over $8.7 billion for eye-care giant Bausch + Lomb and Amgen's $10.4 billion deal for Onyx Pharmaceuticals, this could be a comeback year for pharma M&A, even as the drug approval rate remains healthy.
When Amgen and Onyx Pharmaceuticals close their buyout deal later this year, CEO Tony Coles will walk away from the table with $57.5 million in cash on its way. And if Coles loses his job at the combined company, he'll get another $3.4 million in severance pay. Total potential increase in bank accounts? More than $62 million.
Amgen struck the deal of the summer last month with the $125-per-share buyout of Onyx Pharmaceuticals, and a regulatory document today reports the back-and-forth between the two companies and other parties.
Cytokinetics shares took a dive in early trading today after its partner Amgen reported that an IV formulation of their heart failure drug omecamtiv mecarbil failed a key Phase II trial, just weeks after Amgen paid $25 million to expand their licensing pact
The European Commission has stamped an approval on Stivarga (a.k.a. regorafenib) for aggressive cases of colorectal cancer, marking a regulatory victory for Bayer Healthcare and Onyx Pharmaceuticals ($ONXX). Amgen ($AMGN) benefits, too.
Amgen's agreement to buy Onyx Pharmaceuticals made the biggest headlines in pharma this week. It also pushed the industry's M&A stats into bragging territory. Pharmaceutical deal volume is up 15% globally, The Wall Street Journal reports, citing Dealogic--and pharma transactions account for 5.2% of all the deals made so far this year.
After a big buyout announcement, employees start biting their fingernails, worried about their jobs. And uncertainty breeds more anxiety. At Onyx Pharmaceuticals, staffers don't yet know their individual fates, but they have some clarity about when they'll find out--and what will happen next.
Every time a biotech is bought out, there's always one big question on the minds of every rank-and-file employee not in line for a golden handshake: Will I have a job when the dust settles?
Now that the ink is dry on Amgen's $10.4 billion deal for Onyx Pharmaceuticals, the price assessments are rolling in. Consensus? It's a good thing Amgen has an ex-investment banker for a CEO--because Robert Bradway negotiated a bargain.