SAN DIEGO and SAN
FRANCISCO, Aug. 26, 2013 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of Onyx Pharmaceuticals, Inc.
(NASDAQ: ONXX) ("Onyx") by Amgen Inc. (NASDAQ: AMGN)
("Amgen"). On August 26, 2013,
Amgen and Onyx announced that their boards of directors have
unanimously approved a transaction under which Amgen will acquire
all outstanding shares of Onyx for $125.00 per share in cash. The merger is
expected to close at the beginning of the fourth quarter of
2013.
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Is the Merger Best for Onyx and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Onyx is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders in the
merger. As an initial matter, fourteen analysts have a target
price for Onyx above the $125.00
merger consideration, ranging between $129 -
$160. In addition, Onyx traded above the offer price
as recently as August 14, 2013, and
traded as high as $136.87 on
July 8, 2013, closing at $135.80 that same day. It should also be
noted that the premium to be gained by shareholders of 6.87% is
significantly below that earned by other shareholders in
transactions involving companies in the same industry in the past
year.
On August 8, 2013, Onyx released
its second quarter 2013 earnings, revealing that revenue was up
110% from $72.7 million for the
comparable period in 2012 to $153
million. Further, the company's reported loss of
$53.2 million for the second quarter
2013 was a vast improvement over the net loss of $106.05 million in the year prior. At that
time, the company, through its chairman and chief executive
officer, Tony Coles, M.D., expressed
that several factors "provide[] a compelling platform for the
current and future growth of Onyx," and stated that it was
"committed to expanding the label globally" having "a clear
strategy to enable a filing in Europe in the second half of 2014" and
"becom[ing] an emerging global oncology leader."
Given these facts, Robbins Arroyo is examining Onyx's board of
directors' decision to sell the company to Amgen now rather than
allow shareholders to continue to participate in the company's
continued success and future growth prospects, and whether they are
seeking to benefit themselves.
Onyx shareholders have the option to file a class action lawsuit
to secure the best possible price for shareholders and the
disclosure of material information so shareholders can vote on the
transaction in an informed manner. Onyx shareholders
interested in information about their rights and potential remedies
can contact attorney Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/onyx-pharmaceuticals-inc/
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP