Amgen to acquire Horizon Therapeutics for $28.3 billion
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Amgen Inc., which has established its mark in kidney care as the dominant supplier of anemia treatments, agreed to buy Ireland-based Horizon Therapeutics plc for $28.3 billion in a cash offer.
Horizon, based in Dublin, has 12 marketed medicines and a pipeline with more than 20 development programs, according to a press release from Amgen.
“The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases,” Robert A. Bradway, chairperson and CEO of Amgen, said in the release. “Amgen's decades of leadership in inflammation and nephrology, combined with our global presence and world-class biologics capabilities, will enable us to reach many more patients with first-in-class medicines, like Tepezza, Krystexxa and Uplizna.
Additionally, the potential new medicines in Horizon's pipeline strongly complement our own [research and development] R&D portfolio.”
Krystexxa (pegloticase) received FDA approval in July as a supplemental biologics license application and expanded the drug label to include co-administration with methotrexate in patients with uncontrolled gout.
The company acquisition will be made by Pillartree Limited, a newly formed private limited company that is wholly owned by Amgen Inc., according to the release. Pillartree will pay $116.50 a share for Horizon stock, a premium of 19.7% more than the closing price of $97.29 per share on Dec. 9, according to the release.
Amgen, which paid $4 billion in cash for drugmaker ChemoCentryx Inc. in August, said it expected the acquisition of Horizon would lead to continued cash flow of approximately $10 billion through the third quarter of 2022.
“In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up,” Tim Walbert, chairperson, president and CEO of Horizon, said in the release. “We have accomplished a tremendous amount for patients, their families and our customers, and created significant value for shareholders. These accomplishments are all rooted in our employees' deep commitment, dedication and personal passion for those impacted by rare, autoimmune and severe inflammatory diseases.
“Amgen is aligned with that commitment and passion and will continue to maximize the value of the current portfolio and pipeline and accelerate the ability to reach more patients globally,” Walbert said.
References:
- Rule 2.7 announcement: Amgen Inc to acquire Horizon Therapeutics plc. www.amgen.com/newsroom/press-releases/2022/12/rule-2-7-announcement-amgen-inc-to-acquire-horizon-therapeutics-plc. Published Dec. 12, 2022. Accessed Dec. 12, 2022.
- https://www.healio.com/news/rheumatology/20220708/fda-approves-pegloticase-methotrexate-combo-in-patients-with-uncontrolled-gout. Published July 8, 2022. Accessed Dec. 12, 2022.
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