Horizon Therapeutics gains as investors see actual FTC suit, potential for settlement down the road
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Horizon Therapeutics (NASDAQ:HZNP) rose 3.2% at least partly amid some speculation that Amgen (NASDAQ:AMGN) could reach a settlement with the Federal Trade Commission in its suit to block the $28 billion deal.
There's an idea that there could be some settlement around "bundling" at some point, according to CNBC's David Faber. Amgen (AMGN) is also said to be confident it can prevail in the lawsuit, Faber said, citing sources. 
Horizon (HZNP) also rose as investors were able to look at the actual lawsuit on Tuesday and believe that Amgen (AMGN) is likely to prevail over the FTC, according to traders. 
"The FTCâs complaint impacts patients and is rooted in a theory about potential future 'bundled' contracts with payors and not competitive overlap concerns. Horizon does not and has no plans to bundle any of its rare disease medicines," Horizon (HZNP) said in response to the FTC suit on Tuesday.
Horizon (HZNP) dropped 14% on Tuesday after the FTC sued to block Amgen's (AMGN) $28 billion planned purchase of Horizon.
"We have been working cooperatively over the past several months to address the questions raised by the FTC's investigative staff and believe we have overwhelmingly demonstrated that this combination poses no legitimate competitive issues," Amgen said in response to the FTC suit on Tuesday.
Amgen (AMGN) agreed to acquire Horizon Therapeutics (HZNP) for $116.50 a share in cash in December, valuing the Ireland-based biotech at nearly $27.8 billion.
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