Amgen, the biggest biotechnology company in the world, was finally catching up in the cancer drug market with its buyout of Onyx Pharmaceuticals. The USD10.4 billion cash buyout was intended for Amgen to gain access with three of Onyx's cancer drug treatments. The deal would be paid using USD8.1 billion in cash and loans sourced from the US.
Amgen would next be buying Alexion Pharmaceuticals Inc. out. People who were knowledgeable of the matter said that Alexion, whose drug Soliris generated USD1.1 billion worth of sales in 2012, had earlier arranged Goldman Sachs Group as adviser to mull over a takeover bid from Roche Holding AG.
Amgen Chief executive Officer Robert Bradway had observed in February of this year that there were late-stage medicines that would generate data from clinical trials in three years.
Amgen experienced a 5.4% rise in share price today at USD110.98 in the German bourse.
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