Horizon Therapeutics gains afer FTC settles with Amgen over $28B deal (update)
Mario Tama
Update 9:15am: Adds FTC statement, confirmation as well as company statement.
Horizon Therapeutics (NASDAQ:HZNP) rose 3% in premarket trading after the Federal Trade Commission settled with Amgen (NASDAQ:AMGN) over its planned $28 billion acquisition of Horizon.
Under the settlement terms, Amgen is prohibited from bundling an Amgen product with either Tepezza or Krystexxa, Horizonâs medications used to treat thyroid eye disease, according to a press release from the FTC on Friday. As part of the settlement, the FTC and attorneys general from six statesâCalifornia, Illinois, Minnesota, New York, Washington, and Wisconsinâwill also dismiss the related federal court preliminary injunction action.
Amgen (AMGN) and Horizon (HZNP) expect to be able to close the deal in the early fourth quarter, the companies said in a separate statement. 
The settlement comes as the FTC paused its internal case a week ago to attempt to block the Horizon (Horizon Therapeutics Public Limited Company (HZNP) Stock Price Today, Quote & News) deal as it tried to work on a settlement. The case was paused until Sept. 18 at the FTC. News of the settlement with the regulator also comes as the FTC was set to battle with Amgen (Amgen Inc. (AMGN) Stock Price Today, Quote & News) over the Horizon deal in a Chicago federal courtroom in a few weeks. 
"Todayâs proposed resolution sends a clear signal that the FTC and its state partners will scrutinize pharmaceutical mergers that enable such practices and defend patients and competition in this vital marketplace," Henry Liu, Director of the FTCâs Bureau of Competition, said in the FTC statement.
Seagen (SGEN), which is being acquired by Pfizer (PFE) in a $43 billion deal, also gained 2.6% in premarket trading in sympathy with the Horizon (HZNP) news, as investors have been worried that the FTC may try to block that combination.
The FTC sued to block the $28 billion Horizon (HZNP) acquisition in May. 
As a result of the consent order agreement with the FTC, Horizon (HZNP) and Amgen (AMGN) will file stipulated proposed orders to dismiss the preliminary injunction motion and dissolve the temporary restraining order (TRO) in the U.S. District Court for the Northern District of Illinois. The companies will quickly seek the final approvals required under Irish law to close the acquisition.
Amgen (Amgen Inc. (AMGN) Stock Price Today, Quote & News) agreed to acquire Horizon Therapeutics (Horizon Therapeutics Public Limited Company (HZNP) Stock Price Today, Quote & News) for $116.50 a share in cash in December, valuing the Ireland-based biotech at nearly $27.8 billion.
News of the settlement was earlier reported by Bloomberg and CNBC.
More on Amgen, Horizon Therapeutics, etc.

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Amgen: Is The 3.79% Dividend Yield Worth The Fuss?
Court hearing on FTC's challenge to Horizon/Amgen rescheduled until next week
Amgen could reach settlement with FTC over Horizon in next few weeks - report