Horizon Therapeutics confirms takeover talks with several companies (update)
Maksim Labkouski

Update 5:20 pm: Updates shares.
Horizon Therapeutics Plc (NASDAQ:HZNP) confirmed it's engaged in preliminary talks with Amgen (NASDAQ:AMGN), Janssen Global Services (NYSE:JNJ) and Sanofi (NASDAQ:SNY) on potential takeover offers for the company. Horizon jumped 31% in after hours trading following a trading halt.
There is no certainty that an offer for the Dublin-based company will be made, according to a statement. Under Irish law, each of the possible acquirers has until 5 p.m. New York Time on Jan. 10 to either make an offer or decide to not submit a bid.
The Horizon (HZNP) confirmation comes after the WSJ reported Tuesday after the market close that the company is garnering takeover interest from large pharmaceutical companies. HZNP has a market cap of almost $18 billion and a typical takeover premium could see the company selling for well above $20 billion.
The takeover news also comes after speculation earlier this month that the company may be the target of an activist after a 13-F filing. Barclays added 3.56 million shares in 3Q, up from 288K in the prior quarter, Dealreporter and Gordon Haskett highlighted earlier this month. It's possible that an activist investor may have been accumulating the shares through Barclays.
Horizon Therapeutics jumped 11% on Nov. 2 after strong sales for arthritis therapy prompted a guidance raise.
Horizon Therapeutics (HZNP) is scheduled to present at the Piper Sandler 34th Annual Healthcare Conference in New York on Wednesday.