Onyx Pharmaceuticals

Onyx Pharmaceuticals Incorporated
Company typeSubsidiary
IndustryBiotechnology
Founded1992
HeadquartersSouth San Francisco California United States
Key people
N. Anthony (Tony) Coles (CEO)
ProductsSorafenib (Nexavar)
Number of employees
500
ParentAmgen
Websitewww.amgen.com

Onyx Pharmaceuticals Inc. has been a biopharmaceutical company headquartered in South San Francisco, California. The company developed and marketed medicines for the treatment of cancer. Onyx was founded in 1992 by Kevin J. Kinsella and Frank McCormick Ph.D., FRS.[1] McCormick served as the chief scientific officer until 1998,[1] while Kinsella was the firm's chairman.[2] In 2009, the company acquired Proteolix, Inc., a private biotechnology company, for $276 million in cash plus additional milestone payments.[3][better source needed] In January 2012, the company was named "the top biotechnology takeover target in 2012" through an industry survey.[4] Onyx president and chief executive officer (CEO) N. Anthony Coles had said that Onyx liked its prospects as an independent company and was focused on bringing new therapies to patients.[5] However, at the end of August 2013, Amgen announced it was acquiring Onyx in an agreed $10.4 billion deal.[6]

Initial funding for the formation of Onyx came from biotechnology firm Chiron Corporation (granted a 43% stake in the new company) and venture capital investors: Avalon Ventures, Institutional Venture Partners, J. H. Whitney & Company, and Kleiner Perkins Caufield & Byers.[2] McCormick had been working on cancer treatments at Chiron before he was selected as vice president of research at the newly formed company, leading the company's research program.[2] The acting president of the firm at its inception was Samuel D. Colella, a partner at Institutional Venture Partners (an original Onyx backer).[2]

  1. ^ a b "Frank McCormick Profile". Forbes. Archived from the original on September 24, 2011. Retrieved September 21, 2011.
  2. ^ a b c d Pollack, Andrew (March 17, 1992). "BUSINESS PEOPLE; Onyx Pharmaceuticals Gets Executive Team". The New York Times (Transcription of article image.). p. D4.
  3. ^ "Proteolix, Inc. to be Acquired By Onyx Pharmaceuticals". FierceBiotech.com. October 12, 2009. Archived from the original on January 6, 2020. Retrieved January 6, 2020.
  4. ^ Flinn, Ryan (January 12, 2012), Reg Gale (ed.), Onyx CFO Says Experimental Medicines Make Drugmaker 'Attractive' Purchase, Deals, Bloomberg, retrieved January 15, 2012
  5. ^ Beller, Margo D. (January 10, 2012). "Health CEOs: More Confidence, Challenges". CNBC. Englewood Cliffs, New Jersey: NBCUniversal. Anthony Coles, CEO, Onyx Pharmaceuticals. Archived from the original on January 19, 2013. Retrieved February 27, 2012.
  6. ^ "Amgen To Acquire Onyx Pharmaceuticals For $125 Per Share In Cash" (Press release). Amgen. August 25, 2013.