Amgen to buy Onyx Pharmaceuticals for $10.4 billion

THOUSAND OAKS, Calif. — Biotech company Amgen is buying Onyx Pharmaceuticals, the companies said Sunday.

Onyx, based in South San Francisco, Calif., has a portfolio of cancer drugs, including the injected multiple myeloma drug Kyprolis (carfilzomib), as well as Nexavar (sorafenib) tablets, developed with Bayer HealthCare Pharmaceuticals; Stivarga (regorafenib) tablets, developed by Bayer; and palbociclib, developed by Pfizer.

The $10.4 billion deal, a $125 per share tender offer, is expected to close in the fourth quarter. Amgen will acquire global rights to Onyx's cancer portfolio and pipeline.

"We believe that Amgen is ideally suited to realize the full potential of Onyx's portfolio and pipeline for the benefit of physicians and patients," Amgen CEO and chairman Robert Bradway said. "Our acquisition of Onyx follows a thorough due-diligence process and is fully consistent with our strategy of advancing innovative medicines that address serious, unmet medical needs."