Onyx Seeks Suitors After Rejecting $120-a-Share Amgen Bid

Onyx Pharmaceuticals Inc., the maker of the cancer drug Nexavar, said it is in contact with other possible acquirers after rejecting an unsolicited $120-a-share cash takeover bid from Amgen Inc. Onyx shares surged.

Onyx has solicited interest from at least two pharmaceutical companies involved in oncology since Amgen’s offer was reported after the market closed on June 28, according to a person familiar with the matter who asked not to be identified because the discussions were private. Amgen’s bid is 38 percent more than Onyx’s closing price of $86.82 that day.