The US Federal Trade Commission (FTC) wants to clear the takeover of Irish biotech company Horizon Therapeutics by pharmaceutical group Amgen. Following concessions by Amgen, the authority is dropping its earlier objections to the $27.8 billion purchase, the FTC announced last Friday.
Six US states – New York, California, Illinois, Wisconsin, Minnesota and Washington – have joined the Federal Trade Commission's lawsuit to block Amgen's proposed nearly $28 billion acquisition of Horizon Therapeutics.
The US Federal Trade Commission’s lawsuit to potentially block the $27.8 merger of Amgen and Horizon Therapeutics is creating heightened concern in the international biopharma sector.
Reacting to a US Federal Trade Commission (FTC) restraining order, Amgen said it won’t close its $28 billion deal for Horizon until the courts have ruled. The FTC says the buy would allow Amgen to pressure insurers and pharmacy benefit managers into accepting higher prices.
Calling the deal announced late last year an alarming sign for biopharma, the US Federal Trade Commission (FTC) is seeking to block the closing of Amgen’s proposed $28 billion acquisition of Horizon Therapeutics with a temporary restraining order and preliminary injunction.
Amgen’s proposed acquisition of Horizon Therapeutics for $28.7 billion, including debt, would be the largest healthcare deal since AstraZeneca’s $39 billion purchase of Alexion in 2021, if it goes ahead. As such, it is under intense scrutiny.
Amgen has agreed to buy Horizon Therapeutics for $28.3 billion including debt, boosting its portfolio of drugs for rare autoimmune and inflammatory diseases and beating rivals Sanofi and Johnson & Johnson, as well as a fourth unnamed company.
