Onyx explores possible sale after rejecting Amgen offer

By Ryan Vlastelica and Olivia Oran

NEW YORK (Reuters) - Cancer drugmaker Onyx Pharmaceuticals Inc said on Sunday it rejected a roughly $10 billion takeover offer from larger biotechnology company Amgen Inc as too low but still is considering selling itself.

Onyx said Amgen's cash offer of $120 a share, which represents a premium of about 38 percent to the company's Friday closing price, "significantly undervalued" its prospects.

Deutsche Bank analyst Robin Karnauskas estimated Onyx's value to a merger partner at up to $148 a share. At $140 a share, the deal would add to Amgen's earnings starting in 2015, she said in a research note.

Onyx said in a statement it was "actively exploring" a merger partner, and that it had hired financial advisor Centerview Partners to contact potential buyers. The San Francisco-based company cited "expressions of interest" from Amgen and other unnamed third parties.

An Onyx spokeswoman declined to comment further on the statement. Amgen did not respond to a request for comment.

Onyx has a market cap of $6.32 billion and revenue of $362 million in 2012, while Amgen is the world's largest biotech company, with a market cap of about $74 billion.

Onyx sells Nexavar, a treatment for liver and kidney cancer, as well as colon cancer drug Stivarga in partnership with German pharmaceutical company Bayer AG . Last year, Onyx launched sales of blood cancer drug Krypolis, which Karnauskas estimates will reach peak annual sales of $3 billion.

Amgen has been looking for new ways to boost its product pipeline as sales for its flagship anemia drugs Aranesp and Epogen have been in a decline for years because of usage restrictions and safety concerns.

Chief Executive Officer Bob Bradway, who took the helm of the Thousand Oaks, California company just over a year ago, has been able to keep investors happy with higher dividends and share repurchases.

Amgen said earlier this year it was making a push into biosimilars - cheaper alternative versions of biotech medicines - with plans to launch six beginning in 2017.

Amgen's first-quarter sales fell short of expectations, as revenue for the period rose 5 percent to $4.24 billion which was short of Wall Street projections of $4.37 billion.

The Financial Post reported the offer on Friday, sparking a steep jump in Onyx shares in after-hours trading.

As of Friday's close, shares of Onyx had gained 31 percent over the past 12 months. Shares of Amgen were up 35 percent over the same period.

ISI Group analyst Mark Schoenebaum wrote that if a deal were to be made, Onyx's Kyprolis would fit well into Amgen's cancer drug sales and marketing infrastructure and complement Amgen's portfolio of cancer drugs.

Kyprolis, developed for patients with multiple myeloma who have received at least two prior therapies, was approved by the U.S. Food and Drug Administration last July.

Large pharmaceutical companies have increasingly been looking to acquire smaller biotech firms to gain access to new drugs, often cancer drugs which can command high prices, as they face significant revenue losses stemming from expired patents.

This need has driven the volume of healthcare M&A in the first six months of 2013 to $93.6 billion up 30.2 percent over the same period last year.

Recent deals include generic drugmaker Actavis Inc's $8.5 billion acquisition of Warner Chilcott and Human Genome Sciences' $3 billion sale to GlaxoSmithKline Plc .

(Additional reporting by Deena Beasley; Editing by Doina Chiacu, Bill Trott, Marguerita Choy and Diane Craft)

Source: http://news.yahoo.com/onyx-explores-possible-sale-rejecting-amgen-offer-001519575.html

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Mark Munoz shows off slimmed down physique for UFC 162 after ?turning to food for comfort?

Last summer, Mark Munoz was knocked out by Chris Weidman. Then he had to recover from a foot injury sustained while training for the Weidman bout. It was a rough turn of events for a fighter who had title shot hopes and who had been on a four-bout winning streak.

He turned to what so many turn to for comfort in tough times -- food. Munoz talked about his struggles on his website.

Battled through injury, self-doubt, and depression. I turned to food for comfort and what I found was more heartache. A never ending cycle of ?eating because I was sad and sad because I was eating.? I had to find peace and comfort in my faith in God, He shaped my life.

In the above picture, Munoz showed off how far he has come since January of this year. He went from 252 lbs. to 199 on June 27, which is not far from his fighting weight of 185 lbs. It's an impressive turnaround for a 35-year-old fighter.

This Saturday, he'll fight Tim Boetsch at UFC 162 with a whole new physique. It's his first chance to get back on the winning track after the loss to Weidman, who will fight for the middleweight belt on the same card. Will his newly healthy body make a difference? Make your pick here.

Source: http://sports.yahoo.com/blogs/mma-cagewriter/mark-munoz-shows-off-slimmed-down-physique-ufc-161839097.html

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Behind the Scenes at the World's Most Famous Haunted House

Love or hate haunted houses, it's hard to deny the fact that their ability to turn otherwise rational adults into whimpering shells of their former selves is, to say the least, fairly impressive. And now, thanks to the new Haunted Mansion Backstage tumblr, you can see exactly how they turn all that dated robotic tech into some of our worst nightmares.

More specifically, the tumblr focuses on Disney's famed Haunted Mansion and collects photos from all over the internet of the ride's carefully guarded inner workings.

While these photos will certainly take some of the mystery out of the experience if you've never been before (in other words, spoilers lie ahead), it really is pretty amazing to get this rare view into the backend of a truly amazing show. Especially when the control room itself is creepier than the show for, uh, slightly different reasons:

Head over to the tumblr to see the rest of the photographs, and keep checking back?there will surely be more to come. [Haunted Mansion Backstage via BoingBoing]

Source: http://gizmodo.com/behind-the-scenes-at-the-worlds-most-famous-haunted-ho-633746023

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Father of NSA leaker says he would return to US

A supporter of National Security Agency leaker Edward Snowden holds a poster outside Sheremetyevo airport in Moscow Friday, June 28, 2013. Russian and foreign journalists continued to monitor the Sheremetyevo international airport, where Snowden is believed to remain at the transit zone. The poster reads : Edward! Russia is your second Motherland! (AP Photo/Sergei Grits)

WASHINGTON (AP) ? The father of NSA leaker Edward Snowden acknowledged Friday that his son broke the law but doesn't think he committed treason.

"If folks want to classify him as a traitor, in fact, he has betrayed his government. But I don't believe that he's betrayed the people of the United States," Lonnie Snowden told NBC's "Today" show.

Snowden said his attorney has informed Attorney General Eric Holder that he believes his son would voluntarily return to the United States if the Justice Department promises not to hold him before trial and not subject him to a gag order, NBC reported.

The elder Snowden hasn't spoken to his son since April, but he said he believes he's being manipulated by people at WikiLeaks. The anti-secrecy group has been trying to help Edward Snowden gain asylum.

"I don't want to put him in peril, but I am concerned about those who surround him," Lonnie Snowden told NBC. "I think WikiLeaks, if you've looked at past history, you know, their focus isn't necessarily the Constitution of the United States. It's simply to release as much information as possible."

Lonnie Snowden declined to comment when reached Friday by The Associated Press.

Edward Snowden, who fled to Russia, is charged with violating U.S. espionage laws for leaking information about National Security Agency surveillance programs.

Source: http://news.yahoo.com/father-nsa-leaker-says-return-us-130555626.html

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Pakistan extends refugee status for Afghans

ISLAMABAD (AP) ? The United Nations says Pakistan has extended refugee status for over a million Afghans living in the country. It was set to expire June 30.

The U.N.'s refugee agency said Friday Pakistan agreed to extend their status while it comes up with a new policy.

Pakistan has been hosting Afghan refugees dating back to the Soviet invasion of Afghanistan three decades ago. There are 1.6 million in Pakistan. Many Pakistanis have become frustrated with the length of time the Afghans have stayed and want them to leave.

Pakistan has said it will not forcibly evict Afghans. However, revoking their refugee status would encourage people to return to Afghanistan.

Refugee status allows Afghans to get a government ID card that they use for everyday activities like banking or registering for school.

Source: http://news.yahoo.com/pakistan-extends-refugee-status-afghans-060448915.html

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US consumer sentiment stays near 6-year high

WASHINGTON (AP) ? A measure of U.S. consumer confidence remained near a six-year high in June as higher home prices boosted household wealth. The survey shows Americans are feeling better about the economy, despite wild gyrations in the stock market.

The University of Michigan said Friday that its final reading of consumer sentiment in June was 84.1. That's an improvement from a preliminary reading of 82.7 issued on June 14. And it is just slightly below May's final reading of 84.5, which was the highest since July 2007.

Rising household wealth was the main reason consumers stayed optimistic. Households with income above $75,000, those more likely to own homes and stocks, reported the biggest gain.

Consumers' confidence is closely watched because their spending accounts for 70 percent of economic growth.

Stocks pared steep early morning losses after the report was released. The Dow Jones industrial average, which was down as much as 140 points at one point, rebounded to 70 points lower at midday.

The University of Michigan polls roughly 500 people throughout the month and issues two readings.

The slight improvement from the preliminary survey suggests consumers were unfazed by Federal Reserve Chairman Ben Bernanke's June 19 comments about the Fed's bond purchases. Bernanke said the Fed could start to slow its bond buying by the end of the year and end it next year, if the economy continues to strengthen. The bond purchases have kept long-term interest rates low.

Stocks fell sharply in the days after Bernanke's comments and interest rates jumped. The average rate on the 30-year fixed mortgage surged this week to a two-year high of 4.46 percent. That's up from 3.93 percent last week and a full point higher than a month ago.

"Consumers remain optimistic despite recent market volatility and a back-up in mortgage rates," said Yelena Shulyatyeva, an economist at BNP Paribas.

Americans seem to agree with the Fed's view that the economy is slowly improving. A measure of their expectations for future growth rose to an eight-month high.

Employers have been adding jobs at stable pace, while the unemployment rate has slowly fallen to a still-high 7.6 percent. Higher home sales and prices have driven a steady housing recovery. And on Tuesday the Conference Board said the improved job market helped lift its survey of consumer confidence to the highest level in 5? years, a point echoed by Friday's Michigan consumer sentiment survey.

"Consumers now believe the recovery has achieved an upward momentum that will not be easily reversed," Richard Curtin, director of the Michigan survey, said.

More Americans said they planned to buy a home, despite rising mortgage rates, according to the Michigan survey. The number of consumers who said it was a bad time to buy a home fell to the fewest in 10 years.

The survey also found that rising mortgage rates and home prices may be spurring more Americans to buy homes, rather than discouraging them. The proportion of Americans who said it is a good time to buy because rates and prices will be higher in the future reached post-recession highs this month.

Source: http://news.yahoo.com/us-consumer-sentiment-stays-near-6-high-151204334.html

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Feds: Boston suspect downloaded bomb instructions

BOSTON (AP) ? Boston Marathon suspect Dzhokhar Tsarnaev downloaded bomb-making instructions from an al-Qaida magazine, gathered online material on Islamic jihad and martyrdom, and later scrawled anti-American messages inside the boat where he lay wounded, a federal indictment charged Thursday.

The 30-count indictment contains the bombing charges, punishable by the death penalty, that were brought in April against the 19-year-old Tsarnaev, including use of a weapon of mass destruction to kill.

It also contains many new charges covering the slaying of an MIT police officer and the carjacking of a motorist during the getaway attempt that left Tsarnaev's older brother, Tamerlan, dead.

"Tamerlan Tsarnaev's justice will be in the next world, but for his brother, accountability will begin right here in the district of Massachusetts," Suffolk District Attorney Daniel Conley, whose jurisdiction includes Boston, said at a news conference with federal prosecutors.

The indictment provides one of the most detailed public explanations to date of the brothers' alleged motive ? Islamic extremism ? and the role the Internet may have played in influencing them.

Three people were killed and more than 260 wounded by the two pressure-cooker bombs that went off near the finish line of the marathon on April 15.

Dzhokhar Tsarnaev was captured four days later, hiding in a boat parked in a backyard in Watertown, Mass.

According to the indictment, he scrawled messages on the inside of the vessel that said, among other things, "The U.S. Government is killing our innocent civilians," ''I can't stand to see such evil go unpunished," and "We Muslims are one body, you hurt one you hurt us all."

The Tsarnaev brothers had roots in the turbulent Russian regions of Dagestan and Chechnya, which have become recruiting grounds for Muslim extremists. They had been living in the U.S. about a decade.

But the indictment made no mention of any larger conspiracy beyond the brothers, and no reference to any direct overseas contacts with extremists. Instead, the indictment suggests the Internet played an important role in the suspects' radicalization.

Before the attack, according to the indictment, Dzhokhar Tsarnaev downloaded onto his computer the summer 2010 issue of Inspire, an online English-language magazine published by al-Qaida. The issue detailed how to make bombs from pressure cookers, explosive powder extracted from fireworks, and lethal shrapnel.

He also downloaded extremist Muslim literature, including "Defense of the Muslim Lands, the First Obligation After Imam," which advocates "violence designed to terrorize the perceived enemies of Islam," the indictment said.

Another tract downloaded included a foreword by Anwar al-Awlaki, an American propagandist for al-Qaida who was killed in a U.S. drone strike in 2011.

U.S. Attorney Carmen Ortiz of Massachusetts said Attorney General Eric Holder will decide whether to pursue the death penalty against Tsarnaev, who will be arraigned on July 10.

The indictment assembled and confirmed details of the case that have been widely reported over the past two months, and added new pieces of information.

For example, it corroborated reports that Tamerlan Tsarnaev bought 48 mortar shells from a Seabrook, N.H., fireworks store. It also disclosed that he used the Internet to order electronic components that could be used in making bombs.

The papers detail how the brothers then allegedly placed knapsacks containing shrapnel-packed bombs near the finish line of the 26.2-mile race.

The court papers also corroborated reports by authorities that Dzhokhar Tsarnaev contributed to his brother's death by accidentally running him over with a stolen vehicle during a shootout and police chase.

The charges cover the slaying of Massachusetts Institute of Technology police officer Sean Collier, who authorities said was shot in the head at close range in his cruiser by the Tsarnaevs, who tried to take his gun.

In addition, prosecutors said that during the carjacking, the Tsarnaevs forced the motorist to turn over his ATM card and his password, and Dzhokhar withdrew $800 from the man's account.

At the same time the federal indictment was announced, Massachusetts authorities brought a 15-count state indictment against Dzhokhar over the MIT officer's slaying and the police shootout.

___

Tom Hays reported from New York.

Source: http://news.yahoo.com/feds-boston-suspect-downloaded-bomb-instructions-195945432.html

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