Amgen, Sanofi say any offer for Horizon Therapeutics will be in cash
Maksim Labkouski

After Horizon Therapeutics (NASDAQ:HZNP) confirmed early this week that the company was in early buyout talks with big pharma, Amgen (NASDAQ:AMGN) and Sanofi (NASDAQ:SNY) (OTCPK:SNYNF) announced in two separate statements that any offer for the Ireland-based biotech would be in cash.
Sanofi (SNY) fell in the pre-market trading after the announcement. Amgen (AMGN) is trading flat.
Horizon (HZNP) shares climbed in the post-market trading Tuesday after the biotech said it was in preliminary discussions with Amgen (AMGN), Johnson & Johnson (JNJ), and Sanofi (SNY) on potential takeover offers.
Per the Irish Takeover Rules, bidders must disclose whether they intend to make a buyout offer by Jan. 10, 2023.
"Any offer for Horizon Therapeutics Plc (HZNP), if made, would be in cash, as required by Rule 2.12 of the Takeover Rules," Sanofi (SNY) said. "There is no certainty that any offer will be made, nor as to terms on which any such offer may be made, if forthcoming," the French pharma giant added. 
Meanwhile, Amgen (AMGN) said: Following Horizon's (HZNP) disclosure on Nov. 29, "Amgen confirms for the purpose of Rule 2.12 of the Irish Takeover Rules that any offer by Amgen for Horizon is, or is likely to be solely in cash."
Read: "Whether there is a buyout or not, Horizon continues to look attractive as a standalone entity," Seeking Alpha contributor ONeil Trader wrote in an article, estimating a potential deal size for the company.