HQ Team
December 13, 2022: Amgen Inc, one of the world’s largest biotechnology companies, will acquire Dublin-based Horizon Therapeutics Plc for $27.8 billion.
Amgen plans to finance the deal through debt and cash and has entered into a $28.5 billion credit agreement with Citibank and Bank of America.
The company will pay $116.50 in cash, a premium of nearly 20% to the stock’s last close, for each Horizon share, according to a statement.
The California-based company will get access to two drugs, the thyroid eye disease treatment Tepezza and the gout treatment Krystexxa.
Innovative medicines
“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,” said Robert A. Bradway, chairman and chief executive officer of Amgen.
“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 R&D portfolio. The acquisition of Horizon will drive growth,” he said.
Amgen expects the deal to close in the first half of next year and add to earnings from 2024. Amgen is one of the 30 companies that comprise the Dow Jones Industrial Average and is also part of the Nasdaq-100 index.
Horizon focuses on discovering, developing and commercialising medicines that address the critical needs of people impacted by rare, autoimmune and severe inflammatory diseases.
The Irish company has 12 marketed medicines and a pipeline of more than 20 development programs.
