Navigation Links
Acquisition of Onyx Pharmaceuticals, Inc. by Amgen Inc. May Not Be in the Best Interests of Onyx Pharmaceuticals, Inc. Shareholders
Date:8/26/2013

SAN DIEGO and SAN FRANCISCO, Aug. 26, 2013 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the acquisition of Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) ("Onyx") by Amgen Inc. (NASDAQ: AMGN) ("Amgen").  On August 26, 2013, Amgen and Onyx announced that their boards of directors have unanimously approved a transaction under which Amgen will acquire all outstanding shares of Onyx for $125.00 per share in cash.  The merger is expected to close at the beginning of the fourth quarter of 2013.

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Is the Merger Best for Onyx and Its Shareholders?

Robbins Arroyo LLP's investigation focuses on whether the board of directors at Onyx is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger.  As an initial matter, fourteen analysts have a target price for Onyx above the $125.00 merger consideration, ranging between $129 - $160.  In addition, Onyx traded above the offer price as recently as August 14, 2013, and traded as high as $136.87 on July 8, 2013, closing at $135.80 that same day.  It should also be noted that the premium to be gained by shareholders of 6.87% is significantly below that earned by other shareholders in transactions involving companies in the same industry in the past year.         

On August 8, 2013, Onyx released its second quarter 2013 earnings, revealing that revenue was up 110% from $72.7 million for the comparable period in 2012 to $153 million.  Further, the company's reported loss of $53.2 million for the second quarter 2013 was a vast improvement over the net loss of $106.05 million in the year prior.  At that time, the company, through its chairman and chief executive officer, Tony Coles, M.D., expressed that several factors "provide[] a compelling platform for the current and future growth of Onyx," and stated that it was "committed to expanding the label globally" having "a clear strategy to enable a filing in Europe in the second half of 2014" and "becom[ing] an emerging global oncology leader."              

Given these facts, Robbins Arroyo is examining Onyx's board of directors' decision to sell the company to Amgen now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects, and whether they are seeking to benefit themselves.

Onyx shareholders have the option to file a class action lawsuit to secure the best possible price for shareholders and the disclosure of material information so shareholders can vote on the transaction in an informed manner.  Onyx shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/onyx-pharmaceuticals-inc/  

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com


'/>"/>
SOURCE Robbins Arroyo LLP
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Sanomedics Receives Financing for Working Capital and Acquisitions
2. Life Technologies Stockholders Approve Acquisition By Thermo Fisher
3. Johnson & Johnson Completes Acquisition Of Aragon Pharmaceuticals, Inc.
4. Hanger Announces 2013 Year-To-Date Acquisitions Totaling $10 Million Of Annualized Net Revenue
5. Concord Medical Announces Acquisition of Its Shares by CEO and COO from Other Shareholders
6. Actavis Receives Approval from French Competition Authority for Pending Warner Chilcott Acquisition
7. Endexx closes Acquisition of Dispense Labs LLC.
8. Valeant Pharmaceuticals International, Inc. Completes Acquisition Of Bausch + Lomb
9. Covington Advises Actelion in Acquisition of Ceptaris Therapeutics
10. Indegene builds on Aptilon acquisition to launch new iMCM framework for enhanced Enterprise-wide Multichannel Marketing (MCM) deployment.
11. Omthera Stockholders Approve Acquisition by AstraZeneca
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/28/2017)... March 28, 2017  Medeon Biodesign, Inc., a ... is pleased to announce that the Company led ... Panther Orthopedics, Inc., a San Jose, ... solutions for orthopedic extremity applications.  ... rapidly, primarily due to procedure volume growth, lifestyle ...
(Date:3/28/2017)...  "US Cancer Generics Market Outlook 2022" report ... trend analysis related to the emergence and integration ... in US. The report analyzes various clinical and ... generics drugs in recent years. The introduction of ... dollars for various stake holders involved US cancer ...
(Date:3/28/2017)... 2017  Orexigen Therapeutics, Inc. (Nasdaq: OREX ... fourth quarter and year ended December 31, 2016. ... progress for Orexigen, beginning with the re-acquisition of the ... March, the team at Orexigen demonstrated remarkable focus, executing ... and strengthened our Company while rewarding us full control ...
Breaking Medicine Technology:
(Date:3/29/2017)... Ca (PRWEB) , ... March 29, 2017 , ... ... process in many scientific laboratories. The assembly protocols involve many repetitive steps and ... suited for automation, which enables the high-throughput needed, and results in a lower ...
(Date:3/29/2017)... ... March 29, 2017 , ... Hamlin Dental Group, multi-location ... now offering laser dental treatments. Dental lasers are safe and effective options, and can ... options and can improve the overall quality of care. , Dr. Hamid Reza of ...
(Date:3/29/2017)... ... March 29, 2017 , ... Physicians’ Education Resource® (PER®), ... medical education conference for clinicians who manage some of the most difficult-to-treat forms ... , The program will be led by co- chairs Dr. John Marshall, chief ...
(Date:3/29/2017)... ... March 29, 2017 , ... AvePoint , the Microsoft Cloud expert, is ... Richmond, Virginia, located at the Riverfront Plaza, 901 East Byrd Street. AvePoint is celebrating ... Ralph S. Northam and Mayor of Richmond Levar M. Stoney. , Founded in 2001, ...
(Date:3/28/2017)... ... March 28, 2017 , ... ... in order to improve teacher quality, the field must first improve teacher preparation ... popular reform to the next” and that decades of input- and outcome-based research ...
Breaking Medicine News(10 mins):