HZNP - Tepezza warning label unlikely to have any impact on Horizon/Amgen deal - analyst
2023-07-21 11:02:07 ET
The new warning label on Horizon Therapeutics' ( NASDAQ: HZNP ) Tepezza drug over potential hearing impairment is unlikely to have any impact on Horizon's planned sale to Amgen ( NASDAQ: AMGN ).
"We doubt this has any impact on the AMGN-HZNP deal as this was well known as we state above and hasn't really changed prescribing of Tepezza," Wells Fargo analyst Derek Archila wrote in a note on Friday. "We'd think in AMGN's diligence process, this would have been looked at and clearly they proceeded with the deal."
Horizon ( HZNP ) shares ticked down 0.3% on Friday after dropping almost 2% on the news of the warning label on Thursday.
"While HZNP shares are weak on the news, we don't think the warning in the label changes much fundamentally nor increases the risk of the deal breaking," Archila added.
Tepezza is Horizon's best-selling drug and earned $405.3M in Q1 2023.
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Tepezza warning label unlikely to have any impact on Horizon/Amgen deal - analyst