Onyx Pharmaceuticals Inc on Sunday confirmed it had rejected an offer from Amgen Inc to buy the company for $120 a share in cash.
The company said that the offer price "significantly undervalued" its prospects, though it was "actively exploring" the potential to combine with another company.
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Shares of Onyx closed Friday at $86.82; the offer price represents a premium of about 38 percent from that level.
The Financial Post reported the offer on Friday, sparking a steep jump in Onyx shares in after-hours trading.
Onyx has a market cap of $6.32 billion, according to Thomson Reuters data, while Amgen has a market cap of about $74 billion, based on its Friday closing price of $98.66.
(Editing by Doina Chiacu)