Onyx (Nasdaq: ONXX) Trading Higher After Rival Drug Fails Test

Northern, WI 7/20/12 (StreetBeat) – Onyx (Nasdaq: ONXX) shares hit a 52 week high in trading Friday after announcing that its competitor’s drug trials failed to demonstrate statistically significant results on the study. Bristol-Meyers (NYSE: BMY) reported last night that its brivanib, a liver cancer treatment, failed to meet its primary overall survival objective in a Phase III Trial. Onyx’s Nexavar is used to treat liver cancer, and CEO Leerink Swann wrote that brivanib’s failure represents a significant positive for the long-term outlook of Nexavar.

Onyx increased 6% in morning trade Friday, up $4.10 to $72.50. Bristol Meyers decreased 1.75% to $35.51 after reporting these results.

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Bristol-Myers (NYSE: BMY) offers $3.5 billion for Amylin (Nasdaq: AMLN) -Bloomberg

Tallahassee, FL 3/28/12 (StreetBeat) -- Shares of Amylin Pharmaceuticals Inc (Nasdaq: AMLN) rose as much as 51 percent on Wednesday after Bloomberg News reported the company rejected a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb Co (NYSE: BMY).

Bristol-Myers proposed an acquisition at $22 a share in a letter to Amylin, which the board turned down last month, according to Bloomberg, which cited two people with knowledge of the matter.

Bloomberg said Bristol-Myers hasn't approached Amylin since the rejection.

Amylin's shares rose 41 percent to $21.65 in hectic early trading on Nasdaq. Earlier in the session they rose to a year-high $23.26.

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Inhibitex (Nasdaq: INHX) Soars 140% on Bristol Meyers Acquisition

Tallahassee, FL 1/912 (StreetBeat) -- Bristol-Myers Squibb (NYSE: BMY) agreed late on Saturday to buy Inhibitex (Nasdaq: INHX), a maker of a hepatitis C treatment, for about $2.5 billion in cash, as major drug companies seek to bolster their pipelines with more profitable specialty products.

Under the deal, Bristol-Myers will pay $26 a share through a two-step merger, beginning with a tender offer. That represents a huge 163 percent premium over Inhibitex’s closing price Friday.

“The acquisition of Inhibitex builds on Bristol-Myers Squibb’s long history of discovering, developing and delivering innovative new medicines in virology and enriches our portfolio of investigational medicines for hepatitis C,” Lamberto Andreotti, chief executive of Bristol-Myers, said in a statement.

Many big pharmaceutical companies have turned to mergers in recent years to plug holes in their drug pipelines, in large part to replace products that are set to face generic competition. Such companies are turning increasingly to smaller biopharmaceutical players developing specialized — and therefore hard to replicate — treatments.

In Inhibitex, Bristol-Myers will buy a company focused on antiviral products. Its main drug, INX-189, is an oral medicine being developed for hepatitis C that the company hopes will form the basis for simpler treatments of the disease.

Yet the deal is an expensive bet by Bristol-Myers, which says it expects the takeover to hurt its profitability for the next four years. Its earnings are expected to fall by 4 cents a share this year and 5 cents a share next year.

Inhibitex has not proved profitable lately, reporting annual losses from 2008 through 2010. For the quarter ended Sept. 30, the company, based in Alpharetta, Ga., reported a $5.3 million loss atop $1.3 million in revenue.

Bristol-Myers has said it plans to finance its bid by drawing upon its cash hoard. Shareholders owning about 17 percent of Inhibitex’s stock have already agreed to support the merger.

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