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Onyx (ONXX) Was Right All Along

  Monday, July 26, 2010

In October 2009, Onyx (ONXX) paid $276 million up front to acquire the privately held Proteolix to get to its multiple myeloma drug carfilzomib. It promised $535 million in future payments largely contingent on carfilzomib's approval. As usual, investors did not like Onyx paying money, because investors do not like any company to pay money to develop or acquire state-of-the- art products. When somebody hates something he sees everything in it with pessimism. Onyx put its hands on carfilzomib, which looked very promising for multiple myeloma cases resistant to current treatments. The breakthrough multiple myeloma drugs Velcade (bortezomib) and Revlimid (lenolidamide) could not prevent the cancer from recurring and failed to work at all on a large percentage of recurrent cancer.  More...

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