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Amgen doubles down on cancer treatments

Aug 26, 2013 - The Deal Pipeline
Mergers and Acquisitions

In what one analyst called one of the "worst-kept secrets in the history of U.S. corporate M&A," Amgen Inc. and Onyx Pharmaceuticals Inc.came to an agreement over the weekend to sell Onyx to Amgen for $10.4 billion in an all-cash transaction.

"Onyx was attractive to us as a pure-play oncology company," Amgen chairman and CEO Bob Bradway said Monday in a call with investors to announce the deal. About 40% of Amgen's current revenue is from cancer therapies. ISI Group LLC biotechnology analy...