After the rejection of the bid from Amgen, the share values of Onyx Pharmaceuticals jumped by 50% in trading. Now, it is hedging that its potential suitors, from market competition Bayer AG and other pharmaceutical companies such as Bristol-Myers Squibb, would price the company even much higher.
According to Onyx, the US$120 a share bid price had 'significantly undervalued' the prospects of the company for its portfolio of cancer therapies. It also confirmed it is communicating with other possible buyers. Amongst them is Bayer, which already has a standing partnership with Onyx on two drug therapies is one of the frontrunners.
Amgen, while declined is not yet beaten, may opt to file a higher bid according to Maxim Group LLC. On the other hand, should Bristol-Myers or Novartis purchase Onyx, the firm would only serve to enhance the blood cancer treatment portfolios of the aforementioned drug companies.
In statistics compiled by Bloomberg, the share value of Onyx should be between US$130 and US$165.
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