Onyx Pharm (ONXX) Higher on Hopes It Could Be Next Following Millennium Pharm Buyout
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Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) is having a strong day today, likely helped by the buyout of Millennium Pharmaceuticals (NASDAQ: MLNM) as a hefty premium.
Japan's Takeda Pharmaceutical bought Millennium for $25 per share, more than 50% above yesterday's closing price.
Millennium markets cancer product VELCADE. Onyx, in collaboration with Bayer HealthCare, makes cancer drug Nexavar, which is currently approved for the treatment of advanced kidney cancer and liver cancer.
Shares of Onyx were slammed in February after Nexavar failed in lung cancer.
Shares of Onyx are up 6% today. [LJ]
Japan's Takeda Pharmaceutical bought Millennium for $25 per share, more than 50% above yesterday's closing price.
Millennium markets cancer product VELCADE. Onyx, in collaboration with Bayer HealthCare, makes cancer drug Nexavar, which is currently approved for the treatment of advanced kidney cancer and liver cancer.
Shares of Onyx were slammed in February after Nexavar failed in lung cancer.
Shares of Onyx are up 6% today. [LJ]
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