Deal Lifts Shares of Both Companies
Amgen agreed to purchase Onyx Pharmaceuticals for $10.4 billion, expanding in the market for cancer drugs. The company is valued at $125 a share, compared with the $120 AMGN had previously offered. ONXX climbs almost 6 percent before the opening bell on my tradeMONSTER platform, and AMGN is up 5 percent.
Qihoo Rallies on Strong Results
Qihoo 360 Technology earned $0.40 a share in its second quarter, beating the $0.26 average analyst estimate. Revenue of $151.67 million also exceeded the $144.19 million consensus number and guidance was strong. QIHU advances more than 10 percent in early trading.
Rigel Drops on Asthma Drug Failure
Rigel Pharmaceuticals said it will stop developing R343, an experimental asthma drug, after the compound failed to meet primary endpoints in a Phase 2 clinical study. RIGL drops 17 percent in the premarket.
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