July 1 - Richard Beales talks to Rob Cyran about Onyx’s search for a buyer and why the cancer drug maker was right to reject Amgen’s $10 bln hostile bid.
Today's merger Monday action Onyx Pharmaceuticals. It's worth fifty -- that was on Friday and it hasn't even agree to deal. On exit. We don't -- deal with -- announce the anticipation and -- is that they have good prices getting you know your reason for not -- -- -- -- basically they've got they've got four. Cancer drugs that are on treatment at a -- to one this is about to be approved. They're all going to be blockbusters looks like and that's a really rare thing you don't you know it tricks that the -- and everything from soup company eight on the -- then get it it's an R&B Rowling is going to be thinking he could change things. They have agreements with the buyer and -- a camera that normally that's the type of thing normally have a deal he had the company has the deal was like -- -- Cerro whatever exactly written shares of the company that's the partner wants to buy at the high tech right in this case you get to that are doing four. The other thing is instinct is it's the third company came -- made a bit -- that's because one of the drug is on partner. Timeless and has that'll take opportunities that that's extremely earned Biotech you don't often see that and so when you get a company it's -- hot field you got multiple natural bidders and -- -- a hostile bid desperate -- about ten billion dollars right. You expect that there's gonna be he's auction that would have as a means that by pleasant both. Possible but people who might have been but -- is is that also room just at just -- with a random somebody else to jump -- yeah they're they're they're they're everybody basically loves oncology drugs and in apartment. Because they sell for a lot higher margin and other drugs because I'm you don't -- many people consultants -- like a cold right and he got he sold Evers and doctor remedy for cold but for cancer if you oncologists that -- -- specialist that but I expect exact drug ads and -- things you can charge a lot of lot for these drugs because no one wants to turn down a cancer -- because it is that the -- -- person's life it's worth a lot of money. So this was the kind of momentum early in the the company said. We we go this off of that with turning it down. Yeah but nonetheless this is phenomenal pretty much the only territory way -- it did when I -- because everyone knows that there's going to be. A deal at some point so early days and they innocently at this this morning any any sense of no. Thought this could go or is this I wouldn't be surprised because at another. 20%. If it could go far more than that because it even get an auction it's a matter of there's a rare accent on the on the market and it with drugs it's often very hard to predict how they drug will be you know they're going to be big feet and exactly how they're going to be. Saying -- a lot of uncertainties what that means is ever gets in -- and maybe the most hopeful person as the ones the company gets an iron this memories of that -- -- without taking method that we office I'll tell us exactly. Because editors there is an option going on. But that will leave it there we'll keep an. That deal will have more breaking news for you tomorrow it.