Onyx Pharma - Banking on Carfilzomib’s Approval or Acquisition!
Though better uptake of Nexavar (L, RCC, HCC) in Ex-US region and realization of $160m from Bayer for Japan royalties made FY11 a profitable year for Onyx pharma (ONXX), we do not expect it to be sustainable as high operating expenses (h43% YoY) are expected to continue this year due to pre-launch investments for Carfilzomib (R, next-generation proteasome inhibitor, Relapsed and Refractory Multiple Myeloma - R/R MM, PDUFA: July 27, 2012) in the US and EU. The approval of Carfilzomib would reduce ONXX’s dependency on one product; but majority does not expect an approval of Carfilzomib this year and FDA could ask for more data (at least the interim readout from PhIII – available in 2H13). Launch in 2014 could limit its commercial potential, as ONXX will face competition from … For more detail, please read our report released on 2nd Mar., 2012 on Onyx Pharma titled “Onyx Pharma - Banking on Carfilzomib’s Approval or Acquisition!”
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