Amgen to acquire Onyx for $10.4 billion

Amgen announced on Sunday that its takeover of US cancer drug developer, Onyx, had been approved by both Boards of Directors.

Amgen is to acquire all outstanding shares of Onyx for $125 per share in cash – a purchase price of $10.4 billion.

Amgen is seeking to diversify its portfolio and Onyx has a growing multiple myeloma franchise. One of Onyx's treatments, Kyprolis® (carfilzomib), has already been approved in the US, where it has an orphan drug designation, and has been predicted to generate annual peak sales in excess of $2bn. Onyx also has multiple oncology compounds in various stages of clinical development.

"We believe that Amgen is strongly positioned to realize the full potential of Onyx's portfolio and pipeline."

Robert Bradway, Amgen chairman and chief executive officer.

Chairman and CEO of Onyx, Tony Coles, said that "we are pleased to have reached this agreement with Amgen, a company that shares Onyx's vision for innovation."

The acquisition is expected to close at the beginning of the fourth quarter.