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Onyx Pharmaceuticals still likely to be acquired by Amgen, says ISI Group

After Bloomberg reported that Amgen (AMGN) agreed to buy Onyx (ONXX) for $130 per share but that Amgen wants to view data from an ongoing clinical trial of Onyx's Kyprolis before finalizing the deal, ISI Group believes that Amgen wants to use the data to pressure Onyx into accepting a lower takeover price. The firm thinks that Amgen is seeking data on a poorly designed FOCUS trial. Even if the FOCUS results are negative, a better designed trial, known as ASPIRE, will likely be positive, added the analyst.