why onyx sees the opportunity - deja vu ?

Onyx is still patting itself on the back for the price it paid for Carfilzomib to start with. The best strategic move the company ever made the small price it actually paid for the drug & the action that would eventually lead to it's $10.5B acquisition by Amgen. They played it to a tee & I'm sure they popped the corks of many bottles when looking in hindsight. They payed Protelix $850M for Carfilzomib mid Phase II trial and not long after the FDA had granted it orphan status. Fast forward 4 years & Carfilzomib has been approved for a year with Amgen then coming through and acquiring Onyx for $10.5B. Yes Onyx have more than just Carfilzomib but that is what brought the impetus and the weight to deal size. Amgen still think it's great deal with forecast revenue from Krypolis set to return the outlay in around 5 years.

They got Protelix very cheap & they know that but it's still worth looking at the terms even though they are 4 years old and the drug market has expanded exponentially over that period from $2B in 2009 to $4B in 2011 & forecast $7B by 2020.

$276M up-front
$545M in milestones
$170M bonus if they got accelerated approval

So the question comes back to do both parties see that same opportunity arising ?

They need to climb the ladder amongst front line peers & in saying that I imagine PAT-SM6 will come at a greater cost. But from where Patrys currently sits the same deal would still be many fold return.