Kimberry Pitt
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Amgent is Buying Onyx for $10.4 Billion

Amgent Inc. (AMGN), the global biotechnology pioneer, is acquiring Onyx Pharmaceuticals Inc. (ONYX) all cash which might worth to $10.4 billion for $125 per share. Onyx is making cancer drug, Kyprolis which got approved last year and it could generate revenue more than $3 billion in 2021. Amgent was trying to buy Onyx since June with $120 per share but Onyx didn't take the offer. This acquistion will help Amgent from the sale lost from some of the products that facing lower price competition. Amgent wants to expand its product porfolio. It has eight medicines that are in the trial so Amgent hasing a lot of chance to growth if all this drug got approve. I would invest for long term with this biotech company.