Onyx Pharma Rises Despite It Acquiring Co… (ONXX)

Posted in pre-market 
October 12th, 2009

Onyx Pharmaceuticals, Inc. (ONXX) is usually noted as a possible buyout candidate… But today it has announced that it has signed a definitive agreement to acquire Proteolix, Inc.   This is a privately held biotech focused on discovering and developing novel therapies that target the proteasome for the treatment of hematological malignancies and solid tumors.  We have shares up 8.75% at $29.25 on 52,000 shares early on at 8:38 AM EST.   -JON C. OGG

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