SGEN - FTC Wants to Block the Amgen-Horizon Deal: Is Pfizer's Acquisition of Seagen at Risk Too?
2023-05-24 05:15:00 ET
The Federal Trade Commission (FTC) has been taking a much more adversarial approach to mergers and acquisitions lately. For instance, it recently said it plans to block the pending deal between pharmaceutical companies Horizon Therapeutics (NASDAQ: HZNP) and Amgen (NASDAQ: AMGN) . It has also slowed down the merger between Sanofi and Provention Bio to ensure that it will not unfairly harm other businesses or consumers.
Does the FTC's recent tough stance on big deals increase the chances that Pfizer 's (NYSE: PFE) acquisition of Seagen (NASDAQ: SGEN) will also run into problems?
Late last year, Amgen announced it was planning to acquire biopharmaceutical company Horizon Therapeutics for more than $26 billion. For Amgen, it presented an opportunity to build out its rare-disease portfolio. In the first quarter of 2023, Horizon brought in $832 million in revenue, with nearly half of that coming from Tepezza, a treatment for thyroid eye disease.
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FTC Wants to Block the Amgen-Horizon Deal: Is Pfizer's Acquisition of Seagen at Risk, Too?