Tags: Onyx | Pharmaceuticals | Sale

Onyx Pharmaceuticals Said to Weigh Sale as It Explores Options

Monday, 28 Nov 2011 03:03 PM

Onyx Pharmaceuticals Inc., the developer of the kidney-cancer treatment Nexavar, is exploring options, including a possible sale, said two people with knowledge of the matter. The stock jumped as much as 22 percent.

Potential buyers are studying Onyx’s business and its carfilzomib cancer therapy, said one of the people who declined to be identified as the discussions are private. Onyx, based in South San Francisco, had a market value of about $2.4 billion as of Nov. 25 and is working with Centerview Partners LLP to review alternatives, said the people.

The stock gained 16 percent to $43.76 at 2:35 p.m. in New York after rising as high as $46.07. Onyx shares had also jumped in October after partner Bayer AG ended a late-stage trial of the cancer medicine regorafenib early because the treatment improved survival of patients with colon tumors. Regulators are reviewing Onyx’s carfilzomib drug, which treats multiple myeloma, a cancer of plasma cells.

Lori Melancon, a spokeswoman for Onyx, declined to comment, as did a spokeswoman for Centerview. No deal is certain and the business review is still at a preliminary stage, the people said.

Onyx was formed in 1992 by Frank McCormick, spun out after the combination of pharmaceutical companies Cetus Corp. and Chiron Corp., according to the company’s website. More than a dozen years later, its drug Nexavar won approval for treatment of patients with an advanced kidney cancer.

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Onyx Pharmaceuticals Inc., the developer of the kidney-cancer treatment Nexavar, is exploring options, including a possible sale, said two people with knowledge of the matter. The stock jumped as much as 22 percent. Potential buyers are studying Onyx s business and its...
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2011-03-28
Monday, 28 Nov 2011 03:03 PM
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