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The Boston Globe

Business

Amgen to add cancer drugs with Onyx purchase

NEW YORK — The biotech drug maker Amgen will buy the cancer drug maker Onyx Pharmaceuticals for about $10.4 billion in cash in a deal that will add several cancer drugs to Amgen’s stable and put more new drugs in its pipeline.

Amgen Inc. said Sunday that it will acquire Onyx for $125 per share. It expects to complete the deal at the beginning of the fourth quarter. The companies value the deal at $9.7 billion, excluding Onyx’s cash. Amgen said it will use $8.1 billion in committed bank loans to finance the deal.

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