On June 28, the day before their offer for ONXX was announced, AMGN closed at 98.66. As of the moment, their market cap has risen by $13.23 billion ...$7.26 billion of that increase occurring today. This more than covers their $10.4 billion purchase price of ONXX. During that same period, the market cap of ONXX has risen a mere $2.7 billion. On the other hand, as one who is heavily invested in early stage biotechs - perhaps overinvested - this should encourage other large pharmas to pursue acquisitions.