Onyx Pharmaceuticals Names Matthew K. Fust Executive Vice President And Chief Financial Officer

Emeryville, CA — Dec. 23, 2008

Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today announced the appointment of Matthew K. Fust as executive vice president and chief financial officer, effective January 5, 2009. In this role, Mr. Fust will serve as Onyx’s principal financial and accounting officer and report to N. Anthony Coles, M.D., Onyx’s president and chief executive officer.

“Matt is a proven leader who brings extensive senior management and operational experience to Onyx, as well as a shared strategic vision to create a leading biopharmaceutical company,” said Dr. Coles. “His demonstrated capabilities in implementing corporate and financial strategies and accelerating corporate growth have been reflected throughout his career. On behalf of the board and the other members of the executive team, it is a pleasure to welcome Matt.”

Most recently, Mr. Fust was executive vice president and chief financial officer at Jazz Pharmaceuticals, which he joined in 2003. From 2002 until 2003, he was chief financial officer at Perlegen Sciences, a biotechnology company. Previously, Mr. Fust was senior vice president and chief financial officer at Alza Corporation where he was an executive from 1996 until 2002. From 1991 until 1996, Mr. Fust was a manager in the healthcare strategy practice at Anderson Consulting. Mr. Fust earned an undergraduate degree in accounting from the University of Minnesota and an MBA from the Graduate School of Business at Stanford University. He serves as a member of the board of directors for Sunesis Pharmaceuticals.

About Onyx Pharmaceuticals, Inc.
Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of people with cancer by changing the way cancer is treatedTM. The company, in collaboration with Bayer HealthCare Pharmaceuticals, Inc., is developing and marketing Nexavar®, a small molecule drug. Nexavar is currently approved for the treatment of advanced kidney cancer and liver cancer. Additionally, Nexavar is being investigated in several ongoing trials in non-small cell lung, melanoma and breast cancers. For more information about Onyx, visit the company’s website at: www.onyx-pharm.com.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements include, without limitation, statements regarding clinical development, regulatory processes, commercialization efforts and Mr. Fust’s anticipated contributions to Onyx. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Reference should be made to Onyx’s Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission under the heading “Risk Factors” and Onyx’s Quarterly Reports on Form 10-Q for a more detailed description of such factors. Readers are cautioned not to place undue reliance on forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

Nexavar® (sorafenib) tablets is a registered trademark of Bayer HealthCare Pharmaceuticals, Inc.

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