![]() In October, Amgen completed a $3.7 billion purchase of ChemoCentryx, a deal that added to the buyer’s portfolio Tavneos ® (avacopan), a first-in-class treatment for antineutrophil cytoplasmic antibody (ANCA)-associated vasculitides (AAV), a rare, systemic autoimmune disease. Horizon is Amgen’s second major biotech acquisition this year, which was also focused on bolstering its rare disease pipeline. “A high focus on (mergers and acquisitions) from Amgen should come as no surprise,” Renza wrote. However, Renza noted that the deal was in line with several past eight-figure acquisitions by Amgen, including Immunex (bought out for $16 billion in 2002) Onyx Therapeutics (for $10.4 billion in 2013) and the buyer’s third-best-selling drug, Otezla® (acquired for $13.4 billion from Bristol Myers Squibb ). “The size and target will undoubtedly generate debate (and intrigue) given such a move may buck past conservative deal trends,” Gregory Renza of RBC Capital Market wrote in a research note, as reported by Investors Business Daily. Horizon shares rose just 15%, to $112.36 from $97.29.Īt $27.8 billion, the deal price may have been seen by some investors as too high, in a biotech mergers-and-acquisitions market whose previous top deal of 2022 was Pfizer’s $11.6 billion purchase of Biohaven Pharmaceuticals, completed in October. ET, from $278.65 at the close of trading Friday. Amgen shares dipped about 1% Monday, to $276.78. ![]() Investors did not appear to share that enthusiasm. “Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio.” ![]() “The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases,” Amgen chairman and CEO Robert A. J&J dropped out of talks on December 3, and Sanofi did likewise on Sunday, clearing the path for the Thousand Oaks, CA, biotech giant to come to terms with Horizon.Īt $116.50 per share, the deal price represents a premium of about 47.9% over the closing share price of $78.76 on November 29, before the company announced the possibility of a Horizon buyout under Rule 2.4 of the Irish Takeover Rules-and a premium of approximately 19.7% to the closing price of $97.29 per share on Friday. The other two would-be buyers were Johnson & Johnson and Sanofi, creating a competition that lifted Horizon’s shares by nearly 30%. ![]() HQ in the Chicago suburb of Deerfield, IL. That drug, Enbrel® (etanercept), faces the start of its loss of exclusivity (LoE) on June 8, 2023, for patents related to its methods of treatment using aqueous formulations.Īmgen emerged from a trio of would-be buyers that held talks in recent weeks for Horizon, a developer of drugs for rare, autoimmune, and severe inflammatory disease that is headquartered in Dublin, Ireland, with its U.S. Article orginally published by Genetic Engineering and Biotechnology News on December 13, 2022Īmgen has agreed to acquire Horizon Therapeutics for approximately $27.8 billion, the companies said today-the year’s biggest biopharma acquisition deal to date, and one intended to replenish the buyer’s rare autoimmune, and inflammatory disease portfolios as its top-selling drug begins to lose patent exclusivity in the coming year.
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