Onyx Targeted In Shareholder Suit Over $10.4B Amgen Deal

Law360, New York (August 29, 2013, 5:56 PM EDT) -- Onyx Pharmaceuticals Inc. and its top brass on Thursday were hit with a shareholder class action alleging breach of fiduciary duty for allowing the drugmaker to be acquired by biotechnology mammoth Amgen Inc. for a lowballed price of $10.4 billion.

Just days after Amgen announced the deal to snatch up San Francisco-based Onyx, which focuses on rare and hard-to-treat cancers, investor Mark D. Smilow sued in Delaware state court, arguing that the $125 per share that Amgen intends to pay Onyx shareholders is a bunk deal,...
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