FTC scrutiny to block Amgen-Horizon deal drags down Seagen, Prometheus
16/05/2023 15:37
(Updates)
** Shares of biotech companies Seagen Inc SGEN.O fall 5.8%
to $188, Prometheus Biosciences Inc RXDX.O down 1.6% at $191.3
** The U.S. Federal Trade Commission is expected to file a
lawsuit to block Amgen Inc's AMGN.O $27.8 billion deal to buy
Horizon Therapeutics Plc HZNP.O
** Brokerage Wells Fargo says while AMGN and HZNP marketed
products do not overlap, recent FTC scrutiny seems to be pushing
it a bit further than traditional
** If this scrutiny is indeed related to stop bigger deals,
it could make investors jittery around Pfizer Inc PFE.N -SGEN
deal, adds Wells Fargo
** Pfizer in March struck a $43 billion deal to acquire SGEN
and its targeted cancer therapies
** Merck & Co MRK.N in April said it plans to buy
Prometheus Biosciences Inc RXDX.O for about $10.8 billion to
build its presence in immunology
** Including session losses, SGEN stock rose ~46% YTD, RXDX
up ~74% YTD
(Reporting by Khushi Mandowara in Bengaluru)
((Khushi.Mandowara@thomsonreuters.com;))