Major biotech Amgen deal giving control over cancer drug maker Onyx

In the fifth biggest in the history of biotechnology agreement , Amgen has agreed to buy cancer drug maker Onyx Pharmaceuticals . As part of the agreement , Amgen will gain revenue from the two Bayer drug , which was developed in partnership .The California -based biotech giant , Amgen , pay $ 10000000000 ( 7.47 billion euros ) for Onyx Pharmaceuticals , which develops and markets cancer drugs . It is Amgen 's largest deal since its $ 16000000000 acquisition of Immunex in 2001 .As a result of the deal announced on Sunday , Amgen will benefit from Onyx partnership with the German pharmaceutical giant Bayer AG . Amgen will receive a revenue stream from the liver and kidney cancer drug Nexavar that shares Bayer and Onyx with royalty payments on colon cancer drug is much newer Bayer , Stivarga . Nexavar sales reached $ 861 million in 2012 . San Francisco based Onyx received a $ 288 million revenue from such sales .
Several other major pharmaceutical acquisitions have been announced in recent months . In July , the generic drug maker Perrigo to buy Irish Elan Corp. for $ 8.6 billion . In May , the generic drug company Actavis Inc. agreed to buy Warner Chilcott for $ 8.5 billion Valeant Pharmaceuticals agreed to pay $ 8.7 billion to buy Bausch + Lomb in its ophthalmology business expansion . In April , a scientific instrument maker Thermo Fisher Scientific agreed to buy the life sciences and medical research instrument maker Life Technologies for $ 13.6 billion .Bayer AG , the German chemical and pharmaceutical company founded in Barmen , Germany in 1863 . Headquartered in Leverkusen , North Rhine -Westphalia , which is best known for its original brand of aspirin .