Amgen and Horizon Therapeutics team up for $28 billion
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Today, December 12, American biotechnology company Amgen announced on the purchase of the Irish pharmaceutical company Horizon Therapeutics. The deal was worth $27.8 billion – Amgen will pay $116.5 in cash per share of Horizon. Thus, the premium compared to the share price on Friday will be 20% and 50% compared to the price at the end of November, when information about the negotiations first appeared. This is the largest deal in the pharmaceutical industry this year. It is expected to be completed in the first half of 2023.
This morning The Wall Street Journal wrote citing sources that the companies are close to an agreement. Horizon develops drugs to treat rare autoimmune and severe inflammatory diseases. The company’s revenue in 2021 grew by 47%, to $ 3.23 billion. Sanofi and Johnson & Johnson also showed interest in buying Horizon, in addition to Amgen, but they abandoned the fight in recent weeks.
Recently, many large pharmaceutical companies are trying to expand their portfolio of drugs, showing interest in innovative drugs, drugs for the treatment of orphan diseases, etc., and buying manufacturers of such drugs. Among the major transactions of recent times – purchase Merck biotech company Imago for $1.4 billion in November. Amgen itself in August bought another maker of drugs for the treatment of rare autoimmune diseases, ChemoCentryx, for $3.7 billion.
Horizon shares rose 14.4% on Monday, Amgen shares fell 2.4%.
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