Amgen seeks to bolster drug pipeline with $10.4 billion Onyx buy

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Amgen seeks to bolster drug pipeline with $10.4 billion Onyx buy

By Soyoung Kim and Michael Erman (Reuters) - Amgen Inc struck a deal to buy cancer drug maker Onyx Pharmaceuticals Inc for about $10.4 billion on Sunday, as it moves to restock its product pipeline in response to declining sales of its flagship anemia drugs. The acquisition - which ends a two-month-long auction of Onyx - represents the fifth-largest biotechnology deal in history. It gives Amgen full rights to Kyprolis, the new multiple myeloma drug that analysts expect to reach annual peak sales in excess of $2 billion. ...

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