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Amgen announced on Monday that it will acquire Horizon Therapeutics in a $26 billion deal, extending the company’s 20-year commercial and medical legacy in inflammation and nephrology.
California-based Amgen will pay $116.50 in cash for each share of Horizon, which makes 12 marketed medicines and has a pipeline of more than 20 development programs.
The deal represented a premium of approximately 47.9% to the closing price of $78.76 per company share on Nov. 29, 2022, and a premium of roughly 19.7% to the closing price of $97.29 per share on Dec. 9, 2022.
"The acquisition is a compelling opportunity and 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," Amgen CEO Robert Bradway said in a statement.
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"Additionally, the potential new medicines in Horizon's pipeline strongly complement our own R&D portfolio."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMGN | AMGEN INC. | 289.90 | +2.03 | +0.71% |
| HZNP | NO DATA AVAILABLE | - | - | - |
Horizon CEO Tim Walbert said the company’s accomplishments were rooted in the 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 added.
Horizon's best-selling drug, Tepezza, is used to treat thyroid eye disease. Its revenue more than doubled last year to about $1.67 billion.