Onyx says multiple parties engaged in takeover talks

By Bill Berkrot

(Reuters) - Onyx Pharmaceuticals Inc said on Thursday that its process of seeking a buyer for the company is "ongoing with multiple parties engaged."

Onyx had previously rejected an unsolicited takeover offer from Amgen Inc as being too low.

Reuters, citing three people familiar with the process, reported on Wednesday that Amgen was in advanced discussions to buy Onyx at an increased offer of $130 per share, or about $9.5 billion, with the two sides working toward a possible announcement as soon as within the next week.

On a conference call with analysts, Onyx Chief Executive Anthony Coles said "multiple parties" were still involved in the takeover talks.

He added that the outcome and timetable of the sale process was dependent on a review by the Onyx board of directors.

Onyx also reported a smaller-than-expected second quarter loss as revenue more than doubled on sales of cancer drugs, including its new multiple myeloma treatment Kyprolis.

The biotechnology company said it had a net loss of $53.2 million, or 73 cents per share, half the loss of $106 million, or $1.65 per share, a year ago.

Excluding one-time items, Onyx lost 40 cents per share. Analysts on average had expected a loss of 42 cents per share, according to Thomson Reuters I/B/E/S.

Revenue for the quarter rose to $153 million from $72.7 million in the year ago period, edging past Wall Street estimates of $151.7 million.

Kyprolis had sales of $61 million for the quarter. That excludes an additional $10 million in deferred revenue for Kyprolis purchased by distributors that had not yet shipped to doctors' offices or hospitals, the company said.

Onyx also said plans were in place for a Kyprolis launch in Europe in the second half of 2014.

Onyx recorded $81.8 million in sales of Nexavar, the liver and kidney cancer drug it shares with German drugmaker Bayer AG, up from $72.7 million in the year ago quarter.

The company also received $10.2 million in royalty revenue from Bayer on its new colon cancer drug Stivarga.

Onyx earlier this year spurned a $120 per share takeover offer from Amgen and announced that it was seeking other bids for the company.

Amgen, the world's largest biotechnology company, is still widely considered to be the front-runner to acquire Onyx at the higher offer of about $130 per share.

Onyx shares rose more than 1 percent to $129 in extended trading from a Nasdaq close at $127.42.

(Reporting by Bill Berkrot; Editing by Gary Hill and Carol Bishopric)

Source: http://news.yahoo.com/onyx-second-quarter-loss-narrows-cancer-drug-sales-204502006.html

Mellody Hobson Scotus Blog Voting Rights Act Marriage Equality Monica Lewinsky kim zolciak kim zolciak