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Onyx Signaling Appetite for Deals

Posted on August 11, 2009

Onyx Pharmaceuticals (ONXX) ruffled some feathers last week by announcing a fundraising effort to raise around $300m, prompting shareholders to fret about what the already cash-rich company has planned. Vague talk about licensing opportunities by management, who refused to say what type of deals they were pursuing, did little to quell fears.The company will have $800m in the bank following the equity and debt offering, enough to strike several smaller deals or a significant larger one, although a risky acquisition is probably what most investors are fearful of. However, with only Nexavar drivi...

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