Health and Healthcare
Will Attorney Investigations or Class Action Suits Put Amgen-Onyx Buyout at Risk?
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Any time you see a merger announcement, you see a myriad of press releases pertaining to law firms and lawyers investigating the terms of the deal. This is in one sense the new form of class action lawsuit of yesteryear, but sometimes these suits and investigations do have merit. Now that Amgen Inc. (NASDAQ: AMGN) has confirmed its $10.4 billion of Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), the lawyers have been coming out of the woodwork.
Onyx is up 5.6% at $123.55 against a 52-week range of $68.12 to $136.87. Wall Street believes that Amgen is getting a steal here because its shares are up over 8% at $114.37 and shares hit a new all-time of $116.25 early today. Now the question is whether or not the lawyers can wrangle more money out of Amgen for Onyx. We would note that Onyx has been in a bidding situation and this was the end result of that bidding situation.
It used to be that law firms would announce class action suits, but now they simply announce “investigations.” This is where the law firms are effectively throwing up their business cards ahead of a class action lawsuit. Here are some of the law firm announcements today:
Onyx Pharma was just recently covered as one of our ten companies expected to double sales in the next two to four years. Another big biotech gets gobbled up. Stay tuned.
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