Onyx Pharma Plans Stock Sale

The company loses almost 4% after saying it will offer 5 million shares.
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Onyx Pharmaceuticals

(ONXX)

was losing nearly 4% after the biopharmaceutical company said it plans to sell 5 million shares using a registration statement previously filed with the

Securities and Exchange Commission

.

The Emeryville, Calif., company is also granting the underwriters an option to purchase up to 750,000 added common shares. All of the shares will be sold by Onyx.

Morgan Stanley and Merrill Lynch are managing the offering.

Shares of Onyx were down $1.06 at $26.57 Monday.