REGN - Regeneron CEO supports FTC suit against Amgen acquisition of Horizon - FT

2023-05-17 10:42:12 ET

Regeneron ( NASDAQ: REGN ) CEO Leonard Schleifer said he agrees with the Federal Trade Commission's lawsuit objecting to Amgen's ( NASDAQ: AMGN ) acquisition of Horizon Therapeutics ( NASDAQ: HZNP ).

Speaking at a Financial Times pharma and biotech event in New York City, Schleifer noted that some pharma and biotech companies give payers billions of dollars in rebates to favor one drug over another in formularies, making it difficult for other companies to get their drugs covered by insurers.

"I'm glad the FTC is looking at this," the FT reported. "In some respects, [it's] the worst thing for our industry and we've got to shine a brighter light on it."

Regeneron ( REGN ) is currently in a spat with Amgen ( AMGN ) over the way the latter marketed its cholesterol biologic Repatha (evolocumab). Regeneron ( REGN ) sells a similar biologic, Praluent (alirocumab). Both are PCSK9 inhibitors.

Regeneron ( REGN ) has claimed that Amgen ( AMGN ) persuaded insurers to cover Repatha through "bundling" incentives with other drugs it sells, according to the FT .

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