Amgen completes takeover of Onyx Pharmaceuticals

Amgen has announced the completion of its $9.7 billion (6.04 billion pounds) takeover of fellow healthcare company Onyx Pharmaceuticals.

The transaction, which was originally announced in August 2013, has been concluded after Amgen purchased all outstanding shares of common stock of Onyx on October 1st, closing the deal shortly afterwards.

Amgen has acquired Onyx as part of its wider strategy to strengthen its capabilities in the field of cancer research and drug development, with Onyx's portfolio including numerous promising therapies.

Its key multiple myeloma franchise includes drugs such as the US-approved product Kyprolis, while it has also collaborated with companies such as Bayer HealthCare and Pfizer on the development of other therapies.

Robert Bradway, chairman and chief executive officer of Amgen, said: "We look forward to working together with the talented staff at Onyx to make the most of our exciting oncology portfolio and pipeline."

It is also expected that the takeover will help Amgen to expand its position in several important markets.