Thread regarding Onyx Pharmaceuticals Inc. layoffs

After closing on its $10 billion Onyx ($ONXX) buyout earlier in the week, Amgen ($AMGN) has now promoted R&D chief Pablo Cagnoni to the...

After closing on its $10 billion Onyx ($ONXX) buyout earlier in the week, Amgen ($AMGN) has now promoted R&D chief Pablo Cagnoni to the president's office. Cagnoni was only hired back in March but gets about a $3.8 million payday in the deal. Before the buyout, Onyx CEO Tony Coles promised that all the employees would know whether they had a job within 30 days of the close. But an Amgen spokesperson promised that layoffs would be relatively small. "Amgen currently intends to retain the vast majority of Onyx staff, whose talents and expertise are a key part of the value of this acquisition to Amgen," noted Christine Regan in an email to FierceBiotech. "Amgen has agreed to honor the existing Onyx severance plan for employees whose positions are eliminated within 12 months after closing, and severance benefits will be determined based on the terms of that plan."

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