Onyx Pharma CFO Gregory Schafer resigns

Onyx Pharmaceuticals Inc. said Gregory W. Schafer has resigned as chief financial officer, effective Dec. 15 or earlier if the company finds a replacement.

In a filing with the Securities and Exchange Commission late Monday, Onyx said Schafer will get a severance package worth one year's base salary, health insurance coverage and other benefits. Schafer has agreed to provide consulting services as needed to Onyx for six months following his resignation, at an hourly rate.

Lehman Brothers analyst Jim Birchenough maintained his "1-Overweight" rating on the stock, saying the "healthy shakeup" is likely the result of a change in leadership at the company and reflects a new strategic focus under Chief Executive Dr. Tony Coles.

"Importantly, we believe that the resignation does not reflect any fundamental concerns at ONXX and should have no material impact on ONXX prospects in the near term," Birchenough wrote in a note to clients.

He continues to expect lead cancer drug Nexavar to beat second-quarter sales estimates, and is looking to see Onyx set more aggressive guidance.