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Amgen and Onyx Pharmaceuticals Reported to be Near Deal

NEW YORK (TheStreet) -- Amgen (AMGN), the world's largest biotechnology company by sales, is nearing a $10.5 billion deal to buy Onyx Pharamaceuticals (ONXX), according to news reports.

An announcement of a deal could be made as soon as Monday, The New York Times reported Saturday, citing unidentified "people briefed on the matter."

But "the talks could still fall apart before getting to the finish line," The Wall Street Journal reported Saturday, citing an unidentified person familiar with the matter.

If the deal -- said to be worth $125 a share for Onyx shareholders -- is completed, Amgen would gain full rights to Kyprolis, a new drug to treat multiple myeloma, Reuters reported. The drug could reach peak sales of more than $2 billion a year, the news agency said, citing analysts.

A spokesman for Amgen told TheStreet.com that his company had no comment. A similar response was received from a spokeswoman for Onyx.

This article was written by a staff member of TheStreet.

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