HZNP - Is This the Green Light Biotech Stocks Have Been Waiting For?
2023-08-31 07:53:00 ET
Are you a biotech investor who feels left behind? You're not alone. The broad Nasdaq Composite index has gained 13.7% since mid-May, but the Nasdaq Biotechnology index fell slightly over the same time frame.
The reason that biotech industry stocks have been under pressure lately is fairly straightforward. On May 16, the Federal Trade Commission (FTC) tried to apply some new anti-competition arguments to the question of whether some drugmakers shouldn't be able to buy other drugmakers when it sued to block Amgen 's (NASDAQ: AMGN) planned $27.8 billion acquisition of Horizon Therapeutics (NASDAQ: HZNP) .
On Aug. 23, the FTC filed a motion to withdraw its administrative challenge to Amgen's proposed acquisition from adjudication. Prompted by the court, the commission's lawyers said they feel it's "appropriate to take steps to allow for discussion with the commission regarding the proper resolution of this matter."
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Is This the Green Light Biotech Stocks Have Been Waiting For?