Amgen, Inc. (AMGN), AstraZeneca plc (ADR) (AZN): What’s the Big Deal About Onyx Pharmaceuticals, Inc. (ONXX) Anyway?

Potential buyers may be wary of Kyprolis’ potential now that Celgene Corporation (NASDAQ:CELG) has multiple drugs approved for the multiple myeloma market. In fact, Revlimid, Pomalyst, and Thalomid are approved to treat all stages of the disease, which makes Celgene a considerable force to be reckoned with in the indication. Pending approvals for Revlimid will only make Kyprolis’ commercial life more difficult. The closer competitor is fellow proteasome inhibitor Velcade from Takeda and Johnson & Johnson, although it will face fierce generic competition in 2017 and beyond. It may be too early to call a bidding war, but you can bet Amgen and AstraZeneca plc (ADR) (NYSE:AZN) are carefully modeling the other therapies on the market.

Foolish bottom line

Although Amgen increased its offer by $700 million, it has taken a step back until it’s allowed to glimpse interim data from the phase 3 trial. Why? The company wants to gauge the success of Kyprolis, which could be worth it given analyst projections. Luckily, Onyx granted that wish this week to all potential suitors, according to Reuters. Is a move about to be made? All investors can do is wait and see.

The article What’s the Big Deal About Onyx Anyway? originally appeared on Fool.com and is written by Maxx Chatsko.

Fool contributor Maxx Chatsko has no position in any stocks mentioned. Check out his personal portfolio or his CAPS page, or follow him on Twitter, @BlacknGoldFool, to keep up with his writing on energy, bioprocessing, and biotechnology.The Motley Fool recommends Celgene. 

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