Onyx (ONXX), Bayer Restructure Oncology Agreement; Announce Settlement Reached in Litigation

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Onyx Pharma (Nasdaq: ONXX) and Bayer Healthcare confirm the company's have restructured their partnership for the global development and market of Nexavar(R) tablets and entered into a new agreement related to regorafenib.

The company's agreement settles and dismisses all claims related to the complaint filed by Onyx against Bayer (Case No. CV09-2145 MHP).

Under the terms of the agreements, regorafenib is a Bayer compound, and Bayer will have the final decision-making authority for global development and commercialization. Onyx will receive a royalty on any future global net sales of regorafenib in oncology. In addition, Bayer will contract the Onyx sales force to promote regorafenib, along with Bayer sales representatives, in the United States.

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