Horizon rises as FTC allows Amgen to move forward with $27.8 bln deal

Horizon Therapeutics

01/09/2023 15:07

(Updates)
    ** Shares of Horizon Therapeutics  HZNP.O  rise 2.53% to
more than one-year high of $115.59
    ** The U.S. Federal Trade Commission (FTC) has allowed
drugmaker Amgen  AMGN.O  to move ahead with its $27.8 bln deal
for HZNP
    ** AMGN shares up marginally in early trading
    ** AMGN prohibited from bundling any of its products with
HZNP's thyroid eye disease treatment Tepezza or gout drug
Krystexxa, and from using any product rebate or contract term to
exclude or disadvantage products that would compete with those
drugs, as per the settlement
    ** AMGN is also prohibited from acquiring any potential
rival treatments to HZNP's drugs without the FTC's approval
    ** The companies anticipate being able to close the
acquisition in early Q4 2023
    ** FTC filed a lawsuit in May aimed at stopping the
transaction, but suspended its challenge in late August
    ** HZNP stock up 1.58% YTD, AMGN stock down 1.63% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))