Onyx Pharma plans follow-on sale of 5 million shares via Morgan, Merrill this week

By Ronda Fears

Nashville, Nov. 14 - Onyx Pharmaceuticals Inc. launched a follow-on offering of 5 million shares via joint bookrunners Morgan Stanley & Co. Inc. and Merrill Lynch & Co.

Pricing is slated for the week of Nov. 14.

There is a greenshoe of 750,000 shares available.

Emeryville, Calif.-based Onyx develops therapies that target the molecular mechanisms that cause cancer. Its drugs include Nexavar, in collaboration with Bayer Pharmaceuticals Corp.

Proceeds, estimated at $149.7 million including the greenshoe based on an offering price of $27.79 per share, are earmarked to fund clinical trials and other research and development, as well as sales and marketing in anticipation of the commercial launch of Nexavar, and for general corporate purposes, including working capital.

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