As it turns out, Amgen (Nasdaq:AMGN) didn't have to stretch too far to seal the deal for oncology biotech company Onyx Pharmaceuticals (Nasdaq:ONXX).
While Amgen's initial bid of $120 per Onyx share set off a nearly
two-month auction process, in the end it took only an extra $5 per share
to complete the deal as there was apparently only passing interest from
other Big Pharma players to pay up for Onyx's portfolio of oncology
drugs. All in all, while it's a worthwhile deal that helps patch over
some near-term growth concerns for Amgen, it's unlikely to be a
transformative deal.
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