Horizon Therapeutics

Horizon Therapeutics is a biopharmaceutical company dedicated to the research, development and commercialization of drugs that meet the critical needs of people suffering from rare and rheumatic diseases.

History

2022: Amgen bought Horizon Therapeutics for $28bn

On December 12, 2022, Amgen, the world's largest biopharmaceutical corporation, announced an agreement to buy Horizon Therapeutics, which specializes in drugs for rare diseases. The transaction amount will be approximately $27.8 billion.

Amgen will reportedly pay $116.5 for each Horizon Therapeutics security. This is 47.9% more than the value of the shares of the purchased company as of November 29, 2022 - shortly before the first information about a possible merger appeared: then the price was $78.76. At the same time, on December 9, 2022, Horizon Therapeutics traded at $97.29, which means a premium of 19.7% under the terms of the signed agreement. On December 12, 2022, Horizon shares rose 15% to $112.36.

World's largest biopharmaceutical corporation Amgen announces agreement to buy Horizon Therapeutics, which specializes in rare disease drugs

Thanks to the deal, Amgen will be able to add two in-demand drugs to its asset. This is, in particular, Tepezza - a remedy for the treatment of endocrine ophthalmopathy, a rare autoimmune inflammatory disease of the eye socket and periorbital tissues. The second drug, which Amgen will receive along with the absorption of Horizon Therapeutics, is called Krystexxa: it is designed to treat chronic gout.

The deal will be the largest merger in the pharmaceutical market in 2022. The transfer of assets is scheduled to be completed in the first half of 2023 after obtaining the necessary approvals from regulators. Amgen plans to finance the deal with a $28.5 billion loan agreement with Citibank and Bank of America. At the same time, the purchase will begin to have a positive impact on Amgen's financial performance from 2024. According to experts, sales of Tepezza will reach $3.85 billion in 2028, and Krystexxa - approximately $1.36 billion.^[1]

Notes