Shares of Onyx Pharma ONXX are up more than 50 percent Monday morning following the announcement of a receipt and rejection of a $120 per share bid from Amgen AMGN.
Howard Liang, analyst at Leerink Swann, sees Onyx as an attractive target -- among a "limited number" of small to mid-cap companies with both a wholly owned product and a "big enough" revenue base.
Liang believes the acquisition could help Amgen establish a hematology franchise and reach a "critical mass" in cancer therapeutics.
Liang sees the acquisition contributing to Amgen's bottom line as soon as 2015 and believes this could help the company realize a $2 EPS increase by 2019.
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