Amgen (AMGN) To Buy Horizon Therapeutics (HZNP) For $26.4 Billion

By Amit Chowdhry ● Dec 12, 2022
  • Amgen (AMGN) announced it is buying Horizon Therapeutics (HZNP) for $26.4 billion. These are the details.

Amgen (AMGN) is acquiring Horizon Therapeutics (HZNP), which is global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases. Each Horizon shareholder is going to receive $116.50 per share for each share they own.

Amgen said that this deal will strengthen Amgen’s portfolio of first-in-class / best-in-class innovative therapeutics by adding a complementary portfolio of medicines from Horizon that address the needs of patients suffering from rare diseases. And it capitalizes on Amgen’s 20-year commercial and medical legacy in inflammation and nephrology and its global scale to enhance the growth potential of Horizon’s portfolio. Plus it utilizes Amgen’s industry-leading research and development, process development and global manufacturing expertise in biologic medicines for the benefit of Horizon’s approved medicines and potential new medicines.

Horizon Therapeutics’ best seller is Tepezza and it is only approved in the U.S. and treats eye bulging and double vision from thyroid eye disease. Tepezza was approved in early 2020 as the first treatment for thyroid eye disease. And the sales of the drug more than doubled last year to $1.67 billion – which is about half of the company’s sales of $3.23 billion.

Plus Horizon also makes Krystexxa for uncontrolled gout – which saw sales grow 39% last year to $565.5 million.

KEY QUOTES:

“In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up. We have accomplished a tremendous amount for patients, their families and our customers, and created significant value for shareholders. These accomplishments are all rooted in our employees’ deep commitment, dedication and personal passion for those impacted by rare, autoimmune and severe inflammatory diseases. Amgen is aligned with that commitment and passion and will continue to maximise the value of the current portfolio and pipeline and accelerate the ability to reach more patients globally.”

— Tim Walbert, chairman, president and chief executive officer of Horizon

“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’s decades of leadership in inflammation and nephrology, combined with our global presence and world-class biologics capabilities, will enable us to reach many more patients with first-in-class medicines like TEPEZZA, KRYSTEXXA and UPLIZNA. Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio. The acquisition of Horizon will drive growth in Amgen’s revenue and non-GAAP EPS and is expected to be accretive from 2024.”

— Robert A. Bradway, chairman and chief executive officer of Amgen