With the ink on its $10.4 billion deal for Onyx Pharmaceuticals not yet dry, it might have been exepcted to be the only thing Amgen would key on in its third-quarter earnings today.
After closing on its $10 billion Onyx buyout earlier in the week, Amgen has now promoted R&D chief Pablo Cagnoni to the president's office. Cagnoni was only hired back in March but gets about a $3.8 million payday in the deal.
Amgen struck the deal of the summer last month with the $125-per-share buyout of Onyx Pharmaceuticals, and a regulatory document today reports the back-and-forth between the two companies and other parties.
The European Commission has stamped an approval on Stivarga (a.k.a. regorafenib) for aggressive cases of colorectal cancer, marking a regulatory victory for Bayer Healthcare and Onyx Pharmaceuticals ($ONXX). Amgen ($AMGN) benefits, too.
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 Amgen has wrapped up its deal for Onyx Pharmaceuticals, what will be the fate of Kyprolis, the multiple myeloma drug central to the deal? As goes Kyprolis, in a way, so does the rest of Onyx's operations.
Amgen was the first company to make it to the auction block for Onyx Pharmaceuticals. And in the end, it was the only serious bidder left at the table.
Amgen appears close to bagging its biotech prey. After starting out with a $120-a-share offer for Onyx, the giant biopharma company appears to have settled on a final price of $125 a share, according to news reports Saturday. And a deal is expected as early as Monday.
Quoting sources, Bloomberg says that Amgen is now pushing for a lower price after Onyx refused to hand over data from an ongoing study of the blood-cancer drug Kyprolis needed for European approval--countering an piece from Reuters Wednesday evening claiming that the issue had been defused.
A last-minute roadblock to an Onyx buyout has apparently been dismantled. Citing sources, Reuters says that the big biotech has handed over data from an ongoing study of its cancer drug Kyprolis. And ISI's Mark Schoenebaum, for one, is breathing a sigh of relief, hopeful that a deal can be completed in days.