Cancer drug industry sees $10 billion merger

NEW YORK (CNNMoney)

The agreement, announced Sunday, sent Amgen (AMGN, Fortune 500) and Onyx (ONXX) shares up more than 4% in premarket trading Monday.

Amgen has agreed to acquire all outstanding Onyx shares for $125 per share, a deal it expects to close at the start of the fourth quarter. Both companies are based in California.

The deal gives Amgen access to Onyx's three cancer treatment drugs: Nexavar, Stivarga and palbociclib. The acquisition will also position Amgen to benefit from the launch of Onyx's Kyprolis, a drug for myeloma, a type of bone cancer.

Related: China widens drugs corruption crackdown

Amgen has long had its eye on Onyx. In June, Amgen made an unsolicited takeover bid for $120 per share. Onyx rejected it, saying the deal "significantly undervalued Onyx" and "was not in the best interest of Onyx or its shareholders."

The second time proved a charm. In a statement Sunday, Amgen CEO Robert A. Bradway said, "I look forward to bringing the talented people of Onyx and Amgen together as we continue to fulfill our commitment to unlocking the potential of biology for patients suffering from serious illnesses."

First Published: August 26, 2013: 7:34 AM ET

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