Morning Movers: Amgen Inc (AMGN), Onyx Pharmaceuticals Inc (ONXX)

Category: Companies / Aug 26, 2013 10:38AM EDT

Amgen, Inc. (NASDAQ: AMGN) announced it will buy cancer drug maker Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) in a deal worth nearly $10.4 billion, which would mark the fifth-largest biotech acquisition ever. The companies said in a statement on Sunday that Amgen will pay $125 a share for Onyx’s outstanding stock.

On Monday, shares of Amgen, Inc. jumped 8.32 percent to $114.39 in morning trade, while shares of Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) rose 5.66 percent $123.58.