In a recent court filing, the FTC dropped its challenge to Amgen’s takeover bid of Horizon Therapeutics (NASDAQ: HZNP). The FTC sought to block the acquisition in an effort to strengthen its antitrust enforcement policies. The agency felt that the merger would potentially lead to anti-competititive practices and price gouging for patients suffering from Thyroid Eye Disease, Chronic Refractory Gout, and other diseases for which there are very few treatments currently available on the market.
About Horizon Therapeutics
Horizon Therapeutics is a biopharmaceutical company that specializes in developing and commercializing medicines for rare and rheumatic diseases.
Horizon Therapeutics, formerly known as Horizon Pharma, is a company headquartered in Dublin, Ireland, with its U.S. headquarters in Lake Forest, Illinois. It was founded in 2005.
The company primarily focuses on developing and marketing therapies for rare and autoimmune diseases. Some of the key therapeutic areas it is involved in include rare inflammatory diseases, orphan diseases, and rheumatology.
Horizon Therapeutics had several products in its portfolio, including:
- Teprotumumab (TEPEZZA): Used for the treatment of Thyroid Eye Disease (TED).
- KRYSTEXXA: Used for the management of chronic gout.
- Ravicti: A medication for the treatment of Urea Cycle Disorders (UCDs).
- PROCYSBI: Used for the treatment of nephropathic cystinosis.
- Actimmune: Indicated for the treatment of severe, malignant osteopetrosis.
Horizon Therapeutics has grown through acquisitions. It has acquired other pharmaceutical companies to expand its product portfolio and market presence. One notable acquisition was its purchase of Viela Bio, a biotechnology company with a focus on autoimmune and inflammatory diseases, in early 2021.
The company is committed to advancing research and development efforts in the field of rare and autoimmune diseases. This includes developing new therapies and improving existing ones.
Since the FTC challenge to the Amgen/Horizon merger has been dropped, shares of Horizon Therapeutics have risen sharply over the past month, from $103 to $115.
Meanwhile, shares of Amgen have also risen from $248 to $268 over the past 12 trading days.
A spokesperson for Amgen said this $27.8 billion acquisition, their largest ever, could be finalized in the fourth quarter of 2023.