Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) surges on submission of a sNDA to the FDA

Boston, MA, 07/03/2013 - Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX) closed at $135.58 in the previous trading session, rising 3.24% (or $4.25). The market capitalization of the company is $9.86 billion. About 5.01 million shares have been traded in the previous trading session, a volume that is higher than the average of 1.72 million.

Onyx Pharmaceuticals, Inc. and Bayer HealthCare announced yesterday the submission of a sNDA (supplemental New Drug Application) to the United States FDA (Food and Drug Administration). The companies also submitted an application to the EMA (European Medicines Agency) for the marketing authorization of the oral multi-kinase inhibitor Nexavar® tablets (sorafenib) that may be used for the treatment of locally metastatic or advanced RAI (radioactive iodine)-refractory differentiated thyroid cancer.

Kemal Malik, Managing Director and Head of Global Development and member of the Executive Committee of Bayer HealthCare, said that these filings in Europe and United States for Nexavar® tablets bring the two companies closer to address the unmet medical needs for the patients who have very limited treatment options or no options at all. The firms are committed to exploring the potential applicability of sorafenib in hard-to-treat cancers.

Onyx confirmed recently that it has received an unsolicited buyout offer from Amgen Inc. as per the offer, Amgen Inc. intends to acquire all the outstanding shares of Onyx Pharmaceuticals for $120 per share in cash.

With the assistance of its legal and financial advisors, the Board of Directors of the company evaluated the proposal of Amgen and concluded that the price proposed by the company undervalued Onyx significantly, along with the firm’s prospects, and that it was not in the best interests of the shareholders of Onyx.

After the rejection of the buyout offer from Amgen, the shares of Onyx soared by more than 51%. The company also received bids from other potential suitors.

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