THOUSAND OAKS, Calif., Aug. 26 (UPI) -- U.S. biotechnology firm Amgen Inc. said Monday it would buy Onyx Pharmaceuticals for $10.4 billion, which amounts to $125 per share.
Amgen is based in Thousand Oaks, Calif. Onyx, based in San Fransisco.
Onyx produces a variety of cancer medicines with its most recently approved drug Kyprolis approved in the United States for treatment of blood cancer. It also has three "partnered oncology assets," the companies said in a statement. Those include Nexavar tablets, Stivarga tablets and palbociclib.
It is also has "multiple oncology compounds" in various stages of development.
"We believe that Amgen is strongly positioned to realize the full potential of Onyx's portfolio and pipeline for the benefit of physicians and patients," said Amgen's Chief Executive Officer and Chairman Robert Bradway.
While the deal gives Amgen a potential blockbuster in Kyprolis, the deal for Onyx "expands the potential of our commercial medicines and clinical pipeline to reach more patients globally," said Onyx Chairman and Chief Executive Officer Tony Coles.
The deal is expected to close by the end of the year if it meets with regulatory approval, the companies said in a joint statement.
