Amgen to buy Onyx for more than $10 billion

(Reuters) - Amgen Inc struck a deal to buy Onyx Pharmaceuticals Inc for more than $10 billion on Sunday, ending a two- month-long auction for the cancer drug maker. Amgen said it will pay $125 per share for Onyx, a 4.2 percent increase from the $120 a share it offered in June. Onyx said that bid significantly undervalued the company and put itself up for sale. The acquisition represents the fifth-largest biotechnology deal in history and gives Amgen full rights to Kyprolis, the new multiple myeloma drug that analysts expect to reach annual peak sales in excess of $2 billion. ... via Health News Headlines - Yahoo! News Read More Here..

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