Amgen to acquire Horizon Therapeutics for $27.8B in cash
Maksim Labkouski

Amgen (NASDAQ:AMGN) agreed to acquire rare-disease-focused Horizon Therapeutics for $116.50 per share in cash, valuing the Ireland-based biotech at nearly $27.8B, the companies announced Monday.
Amgen (AMGN) shares dropped ~3% in the pre-market after the news, while Horizon (NASDAQ:HZNP) added ~14%, extending recent gains made following the companyâs late November disclosure of a potential acquisition.
Horizonâs (HZNP) leading revenue generators, Tepezza, Krystexxa, and Uplizna, added $2B in sales for the company in the first nine months of the year.
Per the terms, Amgen (AMGN) will form a new private company called Pillartree Limited for the cash offer, which values Horizonâs (HZNP) ordinary share capital at approximately $27.8B on a fully diluted basis and nearly $28.3B, including debt.
The $116.50 per share bid implies a ~20% premium to Horizonâs (HZNP) last closing price on Friday. Amgen (AMGN) expects to use cash in hand and debt to finance the deal, which is expected to close in 1H 2023 and become accretive to the companyâs revenue and non-GAAP earnings per share from 2024.
However, Amgen (AMGN) did not update the 2022 and 2030 guidance as a result of the transaction.
Previously, The Wall Street Journal reported that a buyout deal between the two companies would be finalized as soon as Monday valuing Horizon (HZNP) at well over $20B.