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Amgen to Buy Onyx for $10.4 Billion



Amgen will pay $125 a share for Onyx, pending approval from regulators. The final bid landed right in between the initial $120 a share offer Amgen started off with, in which Onyx rejected two months ago, and below the $130 per share analysts were expecting. Shares for Onyx closed at $119.96 on Friday. 

Onyx manufactures Kyprolis, a drug that was approved in the U.S. last July, is a last resort treatment for multiple myeloma, a form of bone marrow cancer. In the first six months of 2013 Kyprolis recorded $125 million if sales. On the up side analysts are forecasting annual sales growing up to $2 billion in a couple of years if approvals for Kyprolis is approved for sale in European countries and approval for earlier use in the course of treatment.