Reuters: Global Markets: Onyx shares drop on report that expected Amgen deal delayed

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Onyx shares drop on report that expected Amgen deal delayed Aug 15th 2013, 15:11 Thu Aug 15, 2013 11:11am EDT (Reuters) - Shares of Onyx Pharmaceuticals Inc (ONXX.O) fell as much as 10 percent on Thursday after a Bloomberg report that a widely expected takeover of the company by Amgen Inc (AMGN.O) had been held up by a dispute over access to Onyx's cancer drug data. The two companies agreed to the deal price but were in dispute over whether Onyx would provide Amgen with data from a study of Onyx's blood-cancer drug Kyprolis, Bloomberg reported, citing three sources. (r.reuters.com/bep42v) Onyx does not want to access the data before the study â€" designed for European approval of the drug â€" is over, as it may slow the approval process, Bloomberg said. Reuters reported last week that Onyx was close to selling itself to Amgen for about $9.5 billion and that a deal announcement could come very soon. Cancer treatments that can bring in healthy profits represent a huge opportunity for bigger drugmakers looking for ways to shore up their product pipelines. Onyx sells Nexavar â€" a treatment for liver and kidney cancer â€" and colon cancer drug Stivarga, both in partnership with Germany's Bayer AG (BAYGn.DE). Onyx began selling Kyprolis in the United States last year, as a treatment for multiple myeloma, and some analysts expect the drug to hit peak annual sales of $3 billion. The company's shares were down 5 percent to $118 on Thursday morning on the Nasdaq, after touching a low of $112.

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