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)... Mass. and SAN CLEMENTE, Calif. , ... California -based mobile pulmonary function testing company, is now able ... PFT devices developed by ndd Medical Technologies , Inc. ... testing done in hospital-based labs.  Thanks to ndd,s EasyOne PRO ® ... , can get any needed testing done in the comfort ...
(Date:6/24/2016)... , June 24, 2016   Pulmatrix, Inc ... company developing innovative inhaled drugs, announced today that it ... Russell Investments reconstituted its comprehensive set of U.S. ... "This is an important milestone for Pulmatrix," said ... increase shareholder awareness of our progress in developing drugs ...
(Date:6/23/2016)... -- MedSource announced today that it has selected Datatrial,s ... choice.  This latest decision demonstrates MedSource,s commitment to ... by offering a state-of-the-art electronic data capture (EDC) ... the EDC platform of choice in exchange for ... long been a preferred EDC platform by our ...
Breaking Medicine Technology:
(Date:6/25/2016)... (PRWEB) , ... June 25, 2016 , ... The temporary closing of Bruton Memorial Library ... City Observer , brings up a new, often overlooked aspect of head lice: the parasite’s ... for fumigation is not a common occurrence, but a necessary one in the event that ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, Van Mitchell, ... at Work award to iHire in recognition of their exemplary accomplishments in worksite health ... annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in Linthicum Heights. ...
(Date:6/24/2016)... ... ... a crisis. Her son James, eight, was out of control. Prone to extreme mood shifts ... upset him, he couldn’t control his emotions,” remembers Marcy. “If there was a knife ... and say he was going to kill them. If we were driving on the ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... Topical BioMedics, Inc, makers of Topricin and ... that call for a minimum wage raise to $12 an hour by 2020 and then ... will restore the lost value of the minimum wage, assure the wage floor does not ...
(Date:6/24/2016)... ... June 24, 2016 , ... Strategic ... Frederick area economy by obtaining investment capital for emerging technology companies. SCP ... that have already resulted in more than a million dollars of capital investment ...
Breaking Medicine News(10 mins):