Onyx explores possible sale after rejecting Amgen offer

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Onyx explores possible sale after rejecting Amgen offer

By Ryan Vlastelica and Olivia Oran NEW YORK (Reuters) - Cancer drugmaker Onyx Pharmaceuticals Inc said on Sunday it rejected a roughly $10 billion takeover offer from larger biotechnology company Amgen Inc as too low but still is considering selling itself. Onyx said Amgen's cash offer of $120 a share, which represents a premium of about 38 percent to the company's Friday closing price, "significantly undervalued" its prospects. Deutsche Bank analyst Robin Karnauskas estimated Onyx's value to a merger partner at up to $148 a share. ...

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