Horizon Therapeutics jumps as FTC withdraws in-house trial on $28B Amgen deal (update)
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Update 5:10pm: Adds Amgen statement.
Horizon Therapeutics (NASDAQ:NASDAQ:HZNP) rose 5.6% in after-hours trading after the Federal Trade Commission withdrew an in-house trial over its challenge to the $28 billion sale to Amgen (NASDAQ:AMGN).
The antitrust regulator asked for a delay and the matter was withdrawn from adjudication until Sept. 18, according to an FTC court filing, which was disclosed on Friday.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 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 separate filing.
The filing references a July 19 hearing where Administrative Judge Michael Chappell urged the parties to enter into talks to settle the matter, and the companies said they were open to the possibility.
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"We are aware that the Commission has withdrawn the administrative case challenging Amgenâs proposed acquisition of Horizon Therapeutics plc from adjudication proceedings until Sept. 18, 2023," Amgen said in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."
"We have been consistent with the Commission, the courts and the public that we have no reason, ability or intention to bundle Horizonâs Tepezza or Krystexxa with any of our products and will not do so," Amgen contined in the statement. "We would be pleased if our commitment were honored instead of going through a lengthy court process."
Amen (AMGN) on Tuesday said that the FTC's lawsuit to challenge its planned purchase of Horizon (HZNP) "defies logic" in a legal brief in oppostion to the FTC's case. Amgen contends that the FTC's claim that the biopharma company may try to bundle rebates on its products in a deal with Horizon (HZNP) is not the case.
The "plaintiffs come nowhere close to meeting their burden to show a likelihood of success," Amgen's lawyers wrote in a response brief to the FTC's lawsuit on Tuesday. "Their case defies logic and precedent in a number of ways."
While there has been speculation about a potential settlement and the two sides have confirmed they've had discussions, the federal trial is still set to begin in a few weeks. Amgen shares fell 1.8% in after hours trading on Friday.
Amgen (AMGN) said in June it would not close the deal before Oct. 31 or the second business day after the court rules on the FTC's request to block the deal. U.S. District Judge John Kness set a hearing for Sept. 11 on the FTC's efforts to block the combination.
Shares of Seagen (SGEN), which agreed to be sold to Pfizer (PFE) for $43 billion in March, rose 4% in after hours trading on Friday, likely in sympathy with the Horizon (HZNP) news as some investors worries about a potential FTC lawsuit challenging that deal may have been eased. 
Seagen (SGEN) and Pfizer (PFE) disclosed last month that the companies received a second request from the FTC for more information regarding their planned merger.
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