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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Onyx Pharma: Kyprolis Is Still A Smokin' Hot Multiple Myeloma Drug

Stocks in this article: ONXX CELG

"Kyprolis, however, is our top priority because it has the greatest probability of success. So, investing in Kyprolis is appropriate for the potential to move it into earlier lines of therapy. That will remain our spending priority. But if we find the right opportunity to acquire a new drug candidate we will execute. What I can promise you is that we'll try not to do a bad deal."

In 2013, Onyx expects to start a phase III study of carfilzomib in newly diagnosed multiple myeloma patients, Coles added.

On being a perennial speculative takeover candidate:

"The only answer I can give is that we have a great business, it's gone very well for us so we don't have to transact or do anything else. We have created enormous value for shareholders and patients, so there is no real reason to do anything at all. Obviously, if someone comes around, we would consider a serious offer because that's our fiduciary responsibility. But I like the prospects for our business and they're only getting brighter in the months ahead."

-- Reported by Adam Feuerstein in San Francisco.  

Follow Adam Feuerstein on Twitter.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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