thinking of joining onyx

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Anonymous

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opportunity in sales and marketing. what's the real story there? the company has great drugs but what's the latest on getting bought out and how is the marketing leadership?
 


















Anonymous said:
Sounds like Onyx ain't that great a place to work. A sales force burned out on an old pill for liver cancer and not liking the new management. Medivation baby!
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Not really. People from Onyx are not the Cafe Pharma demographic if you know what I mean = young and disgruntled. There is rarely any activity on the Onyx board no matter what the topic. Onyx has only been on CP for less than two years and there are only 12 threads, a few that are just jokes, and most only have a handful of replies and most of them are just people joking around. BTW you just posted two days ago and like I said there is very little traffic on the Onyx board. Most people like working at Onyx and hence don’t come on here to complain. Although it is not scientific my guess is you can evaluate the happiness of a sales force by the activity on CP. People don’t pop on CP to write about how great their company is or how happy they are they come on here to complain. There is very little to complain about at Onyx. Sure it’s not perfect and changes are certainly inevitable but by and large people are happy, they are hoping to make some good money off the stock if they are bought or with new approvals, and for the most part there is very little if any micromanagement, admin, or things of that nature. Yes it is getting old selling Nex but most here would rather sell an old drug at a fun company to work for at than a new drug in big pharma with all of that BS.

So ok I’ll answer your question. First what is an “opportunity in sales and marketing” mean anyway? At Onyx Sales and Marketing are not all that intertwined. So you would either be in marketing, which we call “Product Strategy”, or you would be in sales. The reason I ask is they are two different departments with different leaders, so depending on your role the answers would differ about leadership. Both sides have good leadership, just different. Onyx is a midsize biotech so like any midsize biotech they are always being looked at to be bought. Unless you have a crystal ball you have no idea. TC could say forget it and sell for $80 a share and call it a day or he could say forget it we are poised to go it alone,(which Onyx is) and launch CFZ and see what the stock goes to then. If you are accustomed to the perceived safety and job stability of big pharma then Onyx is not the place for you. If you like to gamble and roll the dice and have done this biotech buyout thing before and you have the stomach for it that Onyx is a great place.

BTW the HCC indication is only four years old which is not “old” in terms of CA treatments.
 






Anonymous said:
Sounds like Onyx ain't that great a place to work. A sales force burned out on an old pill for liver cancer and not liking the new management. Medivation baby!
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Not that great of a place to work and very low motivation to work real hard when the company is destined to be bought out. A few people in management will make out with alot of money, the rest will be looking for a job in a very limited market. If you have a job I would stay where you are. If you don't have a job then I would take one here.
 






Anonymous said:
Not that great of a place to work and very low motivation to work real hard when the company is destined to be bought out. A few people in management will make out with alot of money, the rest will be looking for a job in a very limited market. If you have a job I would stay where you are. If you don't have a job then I would take one here.
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Currently there are only 42 reps spread out over the entire country. It’s not like if they get bought out tomorrow they will be competing with a massive pool of their ex-colleagues in the same geography. The Onyx people are tight and many have worked together at a few different companies on and off over the past 20 years and they tend to hire and take care of each other. Also the sales force is highly tenured so a lot of them will make over seven figures if they are indeed bought out, which is no guarantee. If you can get hired you get your sign on options and if Onyx gets bought out you will make a nice little bonus, will do very little work while the deal is in ‘escrow’ which usually take a 3 to 6 months, then you will get a small severance and then you look for the next job. I would take that any day of the week over the ‘stable job’ route.
 






Anonymous said:
Not that great of a place to work and very low motivation to work real hard when the company is destined to be bought out. A few people in management will make out with alot of money, the rest will be looking for a job in a very limited market. If you have a job I would stay where you are. If you don't have a job then I would take one here.
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That is a well written post. Looks like my buddy who manages the SE is back on CP.
 






Anonymous said:
Currently there are only 42 reps spread out over the entire country. It’s not like if they get bought out tomorrow they will be competing with a massive pool of their ex-colleagues in the same geography. The Onyx people are tight and many have worked together at a few different companies on and off over the past 20 years and they tend to hire and take care of each other. Also the sales force is highly tenured so a lot of them will make over seven figures if they are indeed bought out, which is no guarantee. If you can get hired you get your sign on options and if Onyx gets bought out you will make a nice little bonus, will do very little work while the deal is in ‘escrow’ which usually take a 3 to 6 months, then you will get a small severance and then you look for the next job. I would take that any day of the week over the ‘stable job’ route.
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Companies aren't giving that many sign on options. Much of what you make on stock options goes in taxes and when you don't have a job you have no health insurance benefits. You need to get a clue.
 






Anonymous said:
Companies aren't giving that many sign on options. Much of what you make on stock options goes in taxes and when you don't have a job you have no health insurance benefits. You need to get a clue.
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Great sounds like you are very conservative and risk adverse so this is not the place for you. Good luck!
 












Anonymous said:
Companies aren't giving that many sign on options. Much of what you make on stock options goes in taxes and when you don't have a job you have no health insurance benefits. You need to get a clue.
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Correct. The "positive" poster is either some kool-aid drinking management tool, or just plain naiive. These folks are always a good source of entertainment.
 












Anonymous said:
Ahole people like working here. Why is that so difficult to understand? Turnover is all almost nonexistent.
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They aren't leaving if they've been there for a while because they are waiting for the buyout, all of their stock is vested. Besides there aren't any jobs out there and why wouldn't you wait for a buyout and hopefully a big payday. Anyone that joins now isn't going to have vested stock. Just common sense here.
 






Anonymous said:
They aren't leaving if they've been there for a while because they are waiting for the buyout, all of their stock is vested. Besides there aren't any jobs out there and why wouldn't you wait for a buyout and hopefully a big payday. Anyone that joins now isn't going to have vested stock. Just common sense here.
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Great than stay away a stop babbling on this board. If you dont work here and you are interested in working here why are you posting here? I will say this we are flooded with resumes so not everyone shares your doom and gloom perspective.
 






Anonymous said:
Great than stay away a stop babbling on this board. If you dont work here and you are interested in working here why are you posting here? I will say this we are flooded with resumes so not everyone shares your doom and gloom perspective.
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Hello Danny! Good to see that "double D" is alive and well on cafe pharma.
 


















Anonymous said:
Actually all the stocks vest immediately upon a buyout, so any given upon hiring whether or not you got them a week ago or an hour ago, its 100% cashout!
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That is simply NOT true. There is nothing that says stock vests immediately on a buyout. Maybe for the CEO and upper management but not for a rep.
 






Anonymous said:
That is simply NOT true. There is nothing that says stock vests immediately on a buyout. Maybe for the CEO and upper management but not for a rep.
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Name me one biotech that got bought out and the vesting schedule did not accelerate to vest all options? Acquiring companies do not want to deal with the lawsuits that could arise if options are not accelerated in a change of control situation. Also it does nothing to the purchase price of the company as those shares are still shares and if as you say they do not accelerate to vest they would just go back in the outstanding share pool and would not be accounted to anyone it would just be a worthless piece of paper once the acquiring company purchases all outstanding shares. I have never seen a board of directors vote against accelerate vesting during a buyout as there is no incentive for them to do so. They do not make any more or any less money either way.
 






Anonymous said:
Name me one biotech that got bought out and the vesting schedule did not accelerate to vest all options? Acquiring companies do not want to deal with the lawsuits that could arise if options are not accelerated in a change of control situation. Also it does nothing to the purchase price of the company as those shares are still shares and if as you say they do not accelerate to vest they would just go back in the outstanding share pool and would not be accounted to anyone it would just be a worthless piece of paper once the acquiring company purchases all outstanding shares. I have never seen a board of directors vote against accelerate vesting during a buyout as there is no incentive for them to do so. They do not make any more or any less money either way.
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Allos. Acquiring companies can structure deal so that stock just gets converted to the new company stock. Lots of creative ways to structure buyout deals.
 






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