Pfizer Won't Be Placing Bid For Onyx Pharma (PFE)

Pfizer Won’t Be Placing Bid For Onyx Pharma (PFE)


Reuters reported today that Pfizer (PFE) will likely not be placing a bid for Onyx Pharma (ONXX), and that Amgen (AMGN) will likely be picked instead as the top bidder.Earlier this month, Amgen (AMGN) reportedly placed a bid at $120 per share for Onyx, whose board stated that the bid “significantly undervalued Onyx and its prospects, and was not in the best interest of Onyx or its shareholders”. Shareholders have since then pushed Onyx higher, expecting another larger pharma company like Pfizer would come in with a more attractive offer. But with Pfizer seemingly out of the game, Amgen is now in the lead to take over Onyx.

Pfizer shares drifted lower during Thursday’s session, shedding 0.67%. Year-to-date, the stock is up 10.69%.

The Bottom Line

Shares of Pfizer (PFE) currently yield 3.37% based on Thursday’s closing price of $28.49 and its annual payout of $0.96.

Pfizer (PFE) is recommended at this time, holding a DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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