Boston, MA 07/09/2013 (wallstreetpr) – Amgen, Inc. (NASDAQ:AMGN) is planning for an acquisition with an objective of gaining market share in the field of oncology. According to reports, the company is planning to acquire Onyx Pharmaceuticals, Inc. by the end of this month, sending the shares of Amgen, Inc. (NASDAQ:AMGN) to soaring levels. The company announced a bid price of $120 per share for Onyx Pharmaceuticals, implying a premium of 38 percent over the closing price of the company to-be-acquired at the time the announcement was made.
Although the acquisition offer was reported to be declined by Onyx Pharmaceuticals, the offer proved to be highly effective at displaying the strength of Amgen, Inc. (NASDAQ:AMGN) in the markets. Amgen, Inc. (NASDAQ:AMGN) is highly determined to acquire a major stake in the breakthrough development of the treatment for cancer and this is one such attempt to acquire its position in the sector. In early June, 2013, Amgen, Inc. (NASDAQ:AMGN) strengthened its market position by offering drugs for the treatment of various diseases through an agreement with the Japan-based Astellas Pharma to develop five major drugs.
Furthermore, Amgen, Inc. (NASDAQ:AMGN) signed a partnership agreement with Cytokinetics, Inc. to expand the licensing agreement for the omecamtiv mecarbil drug. Such extensive exposure of the company to the Japanese market provides for an effective strengthening of its market position in the region.
Shares of Amgen, Inc. (NASDAQ:AMGN) rose with gradual increases in prices on all days in the recent trading sessions. The shares are currently moving in the range of $97.97 to $99.22 during the day and have further recorded an average trading volume of 3.58 million shares per day. As for the company’s equity ownership structure, Amgen, Inc. (NASDAQ:AMGN) currently has 83 percent institutional ownership of its equity capital with 749.98 million shares outstanding in the market.
