Amgen (AMGN), Onyx (ONXX) Deal Will Go Through Pending New Kyprolis Data
3:09 PM ET, 08/19/2013 - Street Insider
Onyx Pharmaceuticals (Nasdaq: ONXX) is lower Monday amid continued speculation over how quickly Amgen (Nasdaq: AMGN) might pursue a deal. Amgen has been apprehensive on moving forward until it gets more information on the latest Kyprolis trial.
ISI analyst Mark Schoenebaum said in a conferee call today that Onyx might have aggregated Kyprolis survival data and could only have access to safety data. He thinks Amgen will be more disciplined on price and due diligence for Onyx, while still wanting to see aggregate event rate data for Kyprolis.
Onyx's ASPIRE Phase 3 next interim analysis report might appear at the same time as its Focus Phase 2, which is slated to be out in the first-half of next year, Schoenebaum said.
Amgen has wanted an anticancer drug for at least a decade. Currently, the pharma has cancer drugs, but not an antitumor drug.
Schoenebaum thinks a deal will eventually go through, but there is just a lot of posturing going on.