Northern, WI 08/27/2013 (usastockreport) – The largest biotechnology firm in the global markets, Amgen Inc. (NASDAQ:AMGN) announced that it would acquire Onyx Pharmaceuticals for an aggregate amount of $10.4 billion. The Board of Directors of the two companies had unanimously approved the acquisition under which Amgen would acquire all the outstanding shares of Onyx at $125 per share in an all cash transaction for an aggregate purchase price of $10.4 billion.
Amgen Inc. (NASDAQ:AMGN) would execute this transaction through a tender offer and that the entire process is expected to be completed before beginning of fourth quarter of current fiscal year. The Chairman and CEO at Amgen, Robert A. Bradway said that the company would prove to be an ideal suit to realize the full potential of the portfolio of products of Onyx. He further said that the process of acquisition had been carried out after thorough diligence and that this acquisition would prove to add high value to the shareholders of the company.
Further, this recent acquisition would also add to the robust pipeline of products of Amgen Inc. (NASDAQ:AMGN) which presently consists of nine innovative products and the registration enabling data for these products are expected to come out by 2016. In addition, the acquisition would also add to the revenue growth to Amgen and would help foster its adjusted net income by the year 2015.
Robbins Arroyo LLP is investigating the acquisition and is examining the decision of Onyx’s board of directors to sell the company to Amgen.