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Amgen Acquires Key Cancer Treatment Drug
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Amgen Acquires Key Cancer Treatment Drug

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Following a recent trend of pharmaceutical giants buying smaller companies for a specific product that shows potential, Amgen Inc. purchased Onyx Pharmaceuticals in late 2013. The $10.4 billion deal …

Following a recent trend of pharmaceutical giants buying smaller companies for a specific product that shows potential, Amgen Inc. purchased Onyx Pharmaceuticals in late 2013. The $10.4 billion deal gives Amgen a presence in the cancer drug market, as it obtained the multiple myeloma drug Kyprolis in the transaction. The sale values Onyx at $125 a share, more than four times the price at which the stock traded five years ago.

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  • 1. By Lindsay Rosenwald
  • 2.  Following a recent trend of pharmaceutical giants buying smaller companies for a specific product that shows potential, Amgen Inc. purchased Onyx Pharmaceuticals in late 2013. The $10.4 billion deal gives Amgen a presence in the cancer drug market, as it obtained the multiple myeloma drug Kyprolis in the transaction. The sale values Onyx at $125 a share, more than four times the price at which the stock traded five years ago.
  • 3.  Analysts say the purchase helps secure Amgen’s long-term growth and gives the company a strong addition to its product line, which previously was heavy with drugs that helped cancer patients cope with side effects of treatments rather than treating the disease. Cancer drugs are a fast-growing, lucrative segment of the pharmaceutical industry, and demand will likely increase as the large Baby Boomer generation gets older. In 2012, cancer therapies brought in $84 billion in sales worldwide, and cancer drugs are expected to comprise the top-selling category of pharmaceutical drugs by 2018.

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