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Bloomberg reports that Amgen Inc will pay $10.5 billion to acquire Onyx Pharmaceuticals, giving Amgen access to a lucrative cancer drug.

Bloomberg reports that Amgen Inc (NASDAQ:AMGN) will pay $10.5 billion to acquire Onyx Pharmaceuticals (NASDAQ:ONXX), giving Amgen access to a lucrative cancer drug.

As quoted in the market news:

Amgen will pay $125 a share for Onyx’s outstanding stock, the companies said in a statement yesterday. Onyx’s Kyprolis, approved last year for a rare blood cancer, may spur more than $3 billion in revenue by 2021, according to analyst estimates compiled by Bloomberg. South San Francisco-based Onyx is now studying the medicine in an expanded group of patients.

Read the full Bloomberg story here

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