Horizon Therapeutics jumps after FTC pauses Amgen challenge for settlement talks
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Horizon Therapeutics (NASDAQ:HZNP) rose 5.7% on Monday after the Federal Trade Commission suspended an in-house challenge to Amgen's planned $28 billion purchase.
The antitrust regulator asked for a delay, and the matter was withdrawn from adjudication until Sept. 18, according to an FTC court filing, which was disclosed on Friday.
The "FTC motion to suspend suit against Amgen serves as a positive indicator for the closing of the Horizon deal," BMO analyst Evan David Seigerman, who has a market perform rating and a $260 price target on Amgen (NASDAQ:AMGN), wrote in a note on Sunday.
By suspending the current lawsuit against Amgen, the FTC is opening up talks for settlements with both parties by Sept. 18. 
The FTC said it "believes it would be appropriate to take steps to allow for discussion with the Commission regarding the proper resolution of this matter," according to a court filing disclosed Friday.
The news comes as the FTC is set to square off with Amgen (AMGN) in a Chicago federal courtroom on Sept. 11 as the regulator attempts to challenge the $28 billion Horizon (HZNP) deal.
"We are aware that the Commission has withdrawn the administrative case challenging Amgenâs proposed acquisition of Horizon Therapeutics plc from adjudication proceedings until Sept. 18, 2023," Amgen said in a statement on Friday. "This action allows FTC staff to discuss the proper resolution of the FTCâs case with the Commission."
BMO's Seigerman added that there might be some weakness in Amgen (AMGN) shares Monday as investor sentiment has turned on the deal, with some hoping that Amgen would walk away if the deal wasn't completed by December.
Seigerman also highlighted that a potential Horizon Therapeutics settlements is a positive sign for Pfizer's (PFE) planned $43 billion acquisition of Seagen (SGEN) as FTC concerns have been a "major talking point" in recent Pfzier investor meetings. Seagen shares rose 3.5% in premarket trading.

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