Deals
Novartis, Pfizer Said to Be Out of Bidding for Onyx
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Novartis AG and Pfizer Inc. won’t bid for Onyx Pharmaceuticals Inc., the maker of cancer drugs, leaving Amgen Inc. with only one possible rival bidder remaining, according to people familiar with the situation.
Onyx’s current valuation makes it too expensive for Novartis, said one of the people, who asked not to be identified because the matter is private. Pfizer recently backed away from making a bid and is no longer doing due diligence, said one of the people. London-based AstraZeneca Plc is still doing due diligence, that person said.