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:6/24/2016)... June 24, 2016   Pulmatrix, Inc ., (NASDAQ: ... innovative inhaled drugs, announced today that it was added ... reconstituted its comprehensive set of U.S. and global ... is an important milestone for Pulmatrix," said Chief Executive ... awareness of our progress in developing drugs for crucial ...
(Date:6/23/2016)... Research and Markets has announced the addition of ... report to their offering. ... kidney failure, it replaces the function of kidneys by removing ... thus the treatment helps to keep the patient body,s electrolytes ... Increasing number of ESRD patients & substantial healthcare expenditure ...
(Date:6/23/2016)... , June 23, 2016 Roche (SIX: RO, ... clearance for its Elecsys BRAHMS PCT (procalcitonin) assay as ... or septic shock. With this clearance, Roche is the ... fully integrated solution for sepsis risk assessment and management. ... bacterial infection and PCT levels in blood can aid ...
Breaking Medicine Technology:
(Date:6/24/2016)... ... 24, 2016 , ... Southern Illinois University School of Dental ... Illinois State Dental Society (ISDS) Foundation’s Mission of Mercy (MOM). They will host ... Collinsville. , They expect to treat approximately 2,000 patients from Illinois, ...
(Date:6/23/2016)... ... June 23, 2016 , ... ... a not-for-profit organization responsible for clinical transfusion research programs and for the blood ... Pathogen Reduction Evaluation and Predictive Analytical Rating Score (PREPAReS) study. , Currently ...
(Date:6/23/2016)... ... June 23, 2016 , ... SyncDog, Inc. , ... security software, is featured in the current issue of Silicon Review ... with innovative technology solutions and features them in their magazine. The magazine allows ...
(Date:6/23/2016)... ... 23, 2016 , ... Horizon Blue Cross Blue Shield of ... from the crushing burden of sky-high health care costs, Superior Court of New ... ( http://www.judiciary.state.nj.us/opinions/a2913-15a2929-15.pdf ) the court provided some analysis of the contracts between ...
(Date:6/23/2016)... ... ... A key metric of this success is the popularity of the Leafedin.org service ... areas that lack the kind of technology and networking framework that LeafedIn.org provide, where ... the marijuana industry, no matter how small or large, and more importantly no matter ...
Breaking Medicine News(10 mins):