Drug maker Onyx explores a sale after rebuffing Amgen’s offer

This is a summary. To read the whole story subscribe to

Onyx Pharmaceuticals Inc. said Sunday that it is weighing a sale of itself, after having rejected an unsolicited $10 billion takeover bid by Amgen Inc. last week as too low.

The company said Amgen had proposed paying $120 a share in cash, a 38 percent premium to Onyx’s closing price on Friday. The biopharmaceutical drug maker said it has hired the investment bank Centerview Partners to contact possible suitors.

A sale of Onyx would be the latest deal in the health care industry, one of the busiest for mergers and acquisitions in recent years. The sector shows few signs of slowing down: About $93.5 billion worth of transactions were announced in the first half of this year, up 13 percent from the same time last year.

Full story for subscribers.

Get the full story with unlimited access to

Just 99 cents for four weeks.