FTC scrutiny to block Amgen-Horizon deal drags Seagen down
16/05/2023 12:47
** Shares of biotech co Seagen Inc SGEN.O fall 3.7% to
$192.2 premarket
** 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
** Up to Monday's close, SGEN stock had risen ~55% YTD
(Reporting by Khushi Mandowara in Bengaluru)
((Khushi.Mandowara@thomsonreuters.com;))