Amgen has spent $10.4bn (€7.8bn) in acquiring Onyx Pharmaceuticals saying its oncology products and pipeline will be strengthened by Amgen’s manufacturing capabilities.
Last week Onyx released trial data on its new cancer drug Krypolis, Reuters reported , reopening potential takeover discussions, and yesterday Amgen announced it had reached a multi-billion dollar cash agreement to purchase the firm.
The acquisition is an “excellent strategic fit,” the company said, with the addition of Onyx’ cancer drugs strengthening Amgen’s presence in the field. Furthermore, the company added, Amgen’s manufacturing strategy “will bring an added source of value to the Onyx portfolio.”
Krypolis (carfilzomib) – which has orphan drug designation and a US patent until at least 2025 – was approved last year by the US Food and Drug Administration (FDA) but is waiting full approval following the outcome of Phase III trials.
“Amgen has a unique opportunity to add value to Kyprolis, a product which is at an early and promising stage of its launch,” said Amgen’s CEO, Robert Bradway.
The deal will also see Amgen acquire Oprozomib an investigational oral proteasome inhibitor currently in Phase Ib/II clinical trials, as well as take a share of revenue from kinase inhibitors, Nexavar and Stivarga, which Onyx co-developed with Bayer Healthcare, and Stivarga.