THOUSAND OAKS, Calif. (AP) — Biotech drugmaker Amgen has completed its tender offer to purchase outstanding shares of Onyx Pharmaceuticals Inc. and expects to finish its $9.7 billion acquisition of the cancer drug developer Tuesday.
Amgen said the offer expired at midnight on Tuesday, and more than 78 percent of Onyx's outstanding shares, or about 57.7 million, were validly tendered and not withdrawn. That satisfied a condition in the deal that called for a majority of Onyx's outstanding share to be validly tendered.
Amgen, based in Thousand Oaks, Calif., said in late August that it would acquire Onyx for $125 per share. Onyx had rejected an offer from Amgen worth $120 per share in June.
The biotech drugmaker said Tuesday all remaining eligible Onyx shares will be converted into the right to receive $125 per share in cash, or the same price paid in the tender offer.
Amgen is the biggest biotech drug company in the world. Its products include Prolia for osteoporosis, Enbrel for rheumatoid arthritis and skin disorders, and Neulasta and Neupogen for fighting infection in cancer patients. Drugs from Onyx will be added to its pipeline of new medicines.
Onyx products include Nexavar, a pill that treats liver and kidney cancer. In July the FDA approved Onyx's Kyprolis as a treatment for multiple myeloma, a type of blood cancer.
Amgen shares closed at $111.93 on Monday and have climbed nearly 30 percent so far this year. Onyx shares rose 20 cents to $124.90 on premarket trading Tuesday.
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