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Onyx Pharmaceuticals Receive FDA Priority Review on Thryroid Cancer Treatment (ONXX)

5119051558_97dd14cf4b_zOvernight, Onyx Pharmaceuticals (NASDAQ: ONXX) along with partner, Bayer HeathCare announced that the FDA had granted Priority Review designation to Nexavar for the treatment of certain types of thyroid cancer. The Priority Review designation is granted to therapies that may offer significant improvement over existing treatments.

“We are very pleased that the FDA has chosen to grant Priority Review to sorafenib,” said Pamela A. Cyrus, M.D., Vice President and Head of U.S. Medical Affairs, Bayer HealthCare Pharmaceuticals. “This is an important milestone for sorafenib and the designation highlights the urgent need for new treatments for patients with this type of thyroid cancer who have limited or no treatment options.”

Its only Tuesday and Onyx has already been center-stage in the news cycle. On Monday, the company announced that it was being acquired by Amgen (NASDAQ: AMGN) for $120 per share. This sent the stock soaring nearly 6 percent.

[stock-tools exchange="NASDAQ" symbol="ONXX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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