HZNP - Amgen acquisition of Horizon Therapeutics on track to close in 1H - report

2023-04-12 18:22:15 ET

Amgen's ( NASDAQ: AMGN ) planned $28 billion acquisition of Horizon Therapeutics ( NASDAQ: HZNP ) remains on track to close in the first half of the year.

The parties are working expeditiously to respond to the Federal Trade Commission second request, which was described as "pretty straight forward," according to a Dealreporter item, which cited sources familiar.

A date hasn't been set yet for Irish courts to approve the deal, though scheduling is expected shortly after the companies comply with the FTC's second request, according to the report.

An Amgen spokesperson ( AMGN ) told Dealreporter that its guidance for a 1H close remains unchanged.

The latest update comes after Horizon ( HZNP ) and Amgen ( AMGN ) in late January confirmed they received a second request from the in regards to the planned acquisition of the rare-disease focused company. Sen. Elizabeth Warren (D-MA) in January wrote a letter to the the antitrust regulator about her concerns with the transaction.

Amgen ( AMGN ) agreed to Horizon Therapeutics for $116.50 a share in cash in December, valuing the Ireland-based biotech at nearly $27.8 billion.

Amgen ( AMGN ) is scheduled to report Q1 results on April 27.

Also see SA contributor Bram de Haas's piece from last month entitled "Horizon Therapeutics: Attractive 7.16% Upside To Amgen Deal."

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