Onyx Pharmaceuticals Inc has given potential buyers, including Amgen Inc, access to trial data!
Has anyone ever seen this before? I didnt think it was legal. Wonder if Celldex would ever give access to trial data for a buyer.......
Reuters) - Onyx Pharmaceuticals Inc has given potential buyers, including Amgen Inc, access to trial data on its new cancer drug, removing a key hurdle that was holding up deal talks, according to three people familiar with the matter.
The company's attempt to sell itself for around $9.5 billion hit an impasse in recent weeks after lead bidder Amgen sought trial data about blood cancer drug Kyprolis - something that Onyx was reluctant to share, Reuters reported last week.
Onyx made more information available this week to Amgen and other parties involved in the sale process, and is now waiting for a firm offer, the people said on Wednesday. Discussions could still fall apart and there is no guarantee a deal will happen, they cautioned.
All the people were not authorized to speak with the media and asked not to be identified. Representatives for Onyx and Amgen declined to comment.
Amgen, the drugmaker in advanced talks to buy Onyx for $130 per share, or about $9.5 billion based on shares outstanding, had asked to see data from an ongoing trial on Kyprolis in order to better evaluate the treatment, people familiar with the matter said previously.
Onyx had been reluctant to meet the request because the study is continuing. Details of the trial data that Onyx made available to potential buyers could not be learned, but one of the people said bidders have all the data that Onyx has access to.
like to invest...ONYX is allowed to show a buyer material that is made public and only that..they can skirt the edges on proposals, FDA discussions, internal memo, partnership discussions, etc. which give more colour to a possible deal. They are not privy to TRIAL DATA that is closed by BLINDING and they themselves do not know those results so that is off the table..they can share data that may not have been made public at CCs by questioning but is part of the Public Record! That being said we all know that when it comes to RISK MITIGATION on a drug/merger..no buyer ever gets all the INFO they wish they could have ahead of time, and so things are created like CVRs to give added value to a deal if contingencies are hit!