Amgen Inc announced that it has completed its acquisition of Horizon Therapeutics plc for $116.50 per share in cash, representing a transaction equity value of approximately $27.8 billion after fending off a legal challenge by the US antitrust watchdog.
Today marks an exciting milestone as the company welcomes Horizon Therapeutics employees to Amgen and begin working together to serve even more patients around the world suffering from serious illnesses, a company statement says. The company has strong momentum in core business and the addition of Horizon will further position Amgen as a leader across a broader range of diseases.
After a 10 months acquisition process was slowed down in court over antitrust concerns from the Federal Trade Commission, the California company proclaimed victory on last week with the completion of the deal.
Dublin’s High Court was the final hurdle for the deal, as Horizon Therapeutics plc is based in Ireland, with most of its team in Chicago. The court gave its stamp of approval. The approving judge was satisfied that all criteria had been met for the takeover and there were no objections to the proposal, with 99.89 per cent of shareholders voting in favour of the acquisition.
The deal brings in seven products already approved in the US along with a healthy pipeline of assets already in clinical trials. Demand for its key drugs - Tepezza, Krystexxa and Uplizna - increased second-quarter revenues for 2023 by 8 per cent over the prior year to bring in $945 million, exceeding estimates. Tepezza is its biggest seller with $445.5 million in sales in the second quarter of this year.
Amgen’s Horizon acquisition is the biggest to close this year. Pfizer continues to duke it out with the FTC over its massive $43 billion buy of Seattle-based Seagen. In July 2023, Pfizer announced the commission had requested additional information on the acquisition, which would further delay the deal. The transaction is expected to close by the end of the year, or in early 2024, subject to regulatory approval. The companies have also sought approval from the European Commission.
This week, a coalition of pharma companies banded together to push back against the overhaul of antitrust guidelines. The 31 members group - which includes AbbVie, Amgen, Gilead, Merck and Novartis - is advocating for pro-innovation mergers and acquisitions in the pharmaceutical sector.
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