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news.Pfizer and Novartis are considering participating in the bidding process to acquire Onyx Pharmaceuticals, a manufacturer of cancer medicines, following rejection of Amgen’s $$8.7bn buyout proposal.
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Sources familiar to the matter were quoted by Reuters saying that Onyx had again put up itself for sale based upon expressions of interest received from other third parties.
Most recently, South San Francisco-based Onyx with a market value of nearly $9.5bn rejected Amgen’s bid, criticizing that the offer underestimated its operations.
Onyx Pharmaceuticals chairman and CEO Dr Anthony Coles said, "Onyx has tremendous momentum and, with the expansion of our pipeline and two successful product launches, the Company and our talented employees have created significant value for Onyx shareholders."
The denial has attracted several interested pharma companies, which are seeking to boost their operation by acquiring portfolio of cancer treatments, as confirmed by Onyx, but denied to mention the names of interested parties.
It is expected that other global pharma companies, including Bayer, AstraZeneca and Merck & Co may also join bidding.