HQ Team
October 7, 2023: Amgen Inc., a US biotechnology company, completed the acquisition of Horizon Therapeutics Plc for $27.8 billion, gaining access to the Dublin-based firm’s two drugs that treat rare inflammatory diseases.
“We have strong momentum in our core business and the addition of Horizon will further position Amgen as a leader across a broader range of diseases,” said Robert A. Bradway, Amgen’s chairman and chief executive officer of Amgen.
Amgen paid $116.5 per share in cash.
Amgen’s financial rationale for the acquisition includes an alignment with its “core strategy of delivering innovative medicines that make a significant difference for patients suffering from serious diseases,” according to an Amgen statement.
The acquisition will strengthen Amgen’s inflammation portfolio by adding Horizon’s early-in-lifecycle medicines such as Tepezza, Krystexxa and Uplizna which treat rare inflammatory diseases.
It will help to leverage Amgen’s capabilities in biologics research and development, process development and manufacturing, as well as Amgen’s global presence.
Accretive by 2024
The acquisition is expected to be accretive to non-GAAP earnings per share from 2024, according to the statement.
Tepezza is used in the treatment of thyroid eye disease regardless of the illness’s activity or duration. Krystexxa is used in conditions of chronic gout in adult patients who have failed to normalise serum uric acid.
Horizon’s Uplizna is indicated for the treatment of neuromyelitis optica spectrum disorder.
Neuromyelitis optica is a central nervous system disorder that causes inflammation in the nerves of the eye and the spinal cord. It is also called neuromyelitis optica spectrum disorder and Devic disease. It occurs when the body’s immune system reacts against its own cells.
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.
