Novartis Chairman Joerg Reinhardt said a $10 billion purchase is possible as the drugmaker reviews its business, including units focused on animal health and vaccines, according to dealtalk.
Novartis is out of the bidding for Onyx Pharmaceuticals, according to the dealtalk.
Onyx’s current valuation made it too expensive, according to the dealtalk.
Novartis, AstraZeneca and Pfizer had expressed interest in Onyx, the biotechnology company said to have rebuffed an initial offer from Amgen according to previous dealtalk.
Onyx is involved with several potential purchasers, according to previous dealtalk.
Onyx rose 0.5 percent to $126.55 at 12:35 p.m. in New York, giving the company a market value of $9.29 billion.
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