Onyx Plunges As Amgen Reportedly Seeks Drug Trial Data

(RTTNews) - Shares of Onyx Pharmaceuticals Inc. (ONXX) plunged more than 7 percent on Thursday after reports emerged that biotechnology giant Amgen Inc. (AMGN), which is in advanced talks to buy Onyx, has sought some data related to the ongoing trial of the drugmaker's new blood cancer drug Kyprolis.

Drugmakers usually will not have full data of ongoing trials, which are only available with the Data and Safety Monitoring Board which oversees these trials.

Amgen has sought the data to better evaluate the treatment. The company sees its as a standard due diligence matter and believes sharing it will not impact the study.

However, Onyx is said to be reluctant to share data on concerns that it would affect the study. It fears that obtaining data before the study is completed may slow the approval process.

The cancer drug maker put itself on the block in late June, after rejecting an unsolicited takeover proposal of $120 per share or $8.7 billion in cash from Amgen, deeming that the price significantly undervalued the company.

Amgen may now offer $130 per share, amounting to about $9.5 billion. Both sides are said to be happy with the offer price, but the dispute hinges on the access to the trial data.

ONXX declined 7.2 percent on Thursday to close at $115.34.