Onyx confirms, rejects Amgen's $120-per-share bid

Staff Writer
Columbus CEO

SOUTH SAN FRANCISCO,Calif. (AP) — Onyx Pharmaceuticals Inc. is confirming that it received an unsolicited takeover bid from Amgen Inc. for $120 per share, but says it rejected the offer because it "significantly undervalued" the company.

Onyx also says that other companies have expressed interest in a buyout, and that its board had authorized its financial adviser, Centerview Partners, to contact potential suitors.

Onyx's tablet medication Nexavar, which treats liver and kidney cancer, is approved in more than 100 countries. It also has developed an injection medication called Kyprolis, which is for treatment of multiple myeloma, a cancer of plasma cells which accumulate in bone marrow.