Onyx Pharmaceuticals (ONXX) is up roughly 50% today on news that Amgen made a $120 per share bid to buy the company, which was rejected.
I certainly agree with the Board that the bid undervalued Onyx. Whether there will be a bidding war is a matter of speculation. I believe that Onyx can do well continuing to operate independently if no reasonable buyout offer is made.
Since no substantial new information is available for analysis, I just going to provide links to my prior articles. Note that the buy-side, Wall Street analysts that are touting ONXX today were mostly dissing in back in 2008-2012.
From latest to earliest:
Onyx Pharmaceuticals Sees 2013 Acceleration [January 7, 2013]
Kyprolis Approved [July 20, 2012]
Onyx Pharmaceuticals New Back of Envelope [June 27, 2012]
Carfilzomib (Kyprolis) Recommended for Multiple Myeloma by FDA Committee [June 20, 2012 press release]
Onyx (ONXX) Sees New Product Upside [November 21, 2011]
Onyx Pharmaceuticals Gets $160 million for Nexavar, Plus Regorafenib Royalties [October 12, 2011]
Onyx Pharmaceuticals Readies Carfilzomib [August 17, 2011]
Onyx Pharmaceuticals ASH Conference [December 7, 2010]
Onyx Pharmaceuticals (ONXX) Jumps on Carfilzomib Revenue [November 22, 2010]
Onyx Pharmaceuticals Jumps on Carfilzomib Data [August 8, 2010]
Onyx Pharmaceuticals Acquires Proteolix, Carfilzomib [October 12, 2009]
Onyx Breast Cancer Trial Results [September 30, 2009]
Onyx Positive Surprise for Investors [November 11, 2008]
Onyx Chooses the Long Run [August 11, 2008]
Onyx In The Black [May 7, 2008]
Onyx (ONXX) Nexavar Trial and Q4 results comments [February 20, 2008]
Can Onyx Deliver? [May 10, 2007]
In addition, you can find my notes for years of analyst conferences at OpenIcon Onyx Pharmaceuticals Analyst Conference Summaries
And here's the Onyx Pharmaceuticals Confirms Receipt of Unsolicited Acquisition Proposal from Amgen press release.