Onyx Pharmaceuticals Inc. has secured a commitment for up to $150 million in common stock financing from Azimuth Opportunity Ltd., the company announced Friday.

Under the two-year agreement, Emeryville, California based Onyx (NASDAQ ONXX) may sell registered shares of common stock to Azimuth Opportunity at a small discount to market price. The timing and amount will be solely decided, subject to certain conditions, by Onyx.

Onyx plans to use the proceeds to fund further development and commercialization of its Nexavar tablets, and for other purposes.

Onyx is a biopharmaceutical company focused on therapies targeting molecular mechanisms that cause cancer.