Will Amgen Stock Continue to Rise After Recent Acquisition?
T = Trends for a Stock’s Movement
Amgen is a global biotechnology pioneer that discovers, develops, manufactures, and delivers human therapeutics. Its medicines help millions of patients in the fight against cancer, kidney disease, rheumatoid arthritis, bone disease, and other serious illnesses. Its principal products aim to help the body fight infections, play a role in the body’s response to inflammatory diseases, stimulate the production of red blood cells, and treat men with castration-resistant prostate cancer.
Amgen will pay $10.4 billion to acquire Onyx Pharmaceuticals (NASDAQ:ONXX) after raising its bid from $120 to $125 a share. Amgen now has access to Onyx’s Krypolis blood cancer drug that expected to be a hit as analysts from Bloomberg have estimated the drug could make $3 billion in revenue by 2021.