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Home»Health»Amgen’s $27.8 Billion Purchase Of Horizon Therapeutics On After FTC Settlement
Health

Amgen’s $27.8 Billion Purchase Of Horizon Therapeutics On After FTC Settlement

September 1, 2023No Comments3 Mins Read
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Amgen’s $27.8 Billion Purchase Of Horizon Therapeutics On After FTC Settlement
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Topline

The Federal Trade Commission announced Friday it had reached a settlement with Amgen Inc. over the biopharmaceutical firm’s $27.8 billion acquisition of Horizon Therapeutics, after the agency argued Amgen could harm patients by illegally bundling its products with Horizon’s medicines for thyroid eye disease and gout.

The agency previously argued the merger could harm patients who are prescribed Horizon’s two … [+] fastest-growing drugs.

Los Angeles Times via Getty Images

Key Facts

Amgen will be prohibited from bundling any of its products with Tepezza or Krystexxa—Horizon’s medications for thyroid eye disease and chronic refractory gout, respectively—through the settlement, the FTC announced.

Federal lawsuits to block the merger by six states—California, Illinois, Minnesota, New York, Washington and Wisconsin—have also been dismissed as part of the settlement.

Amgen will also require approval from the FTC in any future acquisition of products that treat the same diseases as Tepezza or Krystexxa, according to the agency, which noted Amgen will need to request approval through 2032.

Shares for Amgen and Horizon rose just over 1.5% and 3% on Friday morning shortly after the settlement was announced.

Amgen said in a statement that it expects to complete its acquisition of Horizon in the “early fourth quarter.”

Crucial Quote

Henry Liu, director of the FTC’s Bureau of Competition, said the settlement “sends a clear signal that the FTC and its state partners will scrutinize pharmaceutical mergers that enable such practices, and defend patients and competitions in this vital marketplace.”

Big Number

$26.3 billion. That’s how much Amgen reported in total revenue in 2022, according to its annual letter to shareholders.

Key Background

Amgen’s acquisition of Horizon—following a bidding war against rivals Sanofi and Johnson & Johnson—was announced in December. The FTC filed a lawsuit in May in an effort to block Amgen’s acquisition of Horizon, after the agency suggested Amgen would pressure pharmacy benefit managers to favor Horizon’s Tepexxa and Kyrstexxa by offering bundles with other drugs and rebates. The bundling would have made it more difficult for smaller companies to release competitors to the two drugs, the agency said. Tepezza received nearly $2 billion in sales last year, while Krystexxa brought in $716 million. The FTC announced last week that it had suspended its challenge over the acquisition, allowing the agency to decide whether to settle the case, according to the Wall Street Journal.

Further Reading

FTC Suing To Stop Amgen’s $27.8 Billion Purchase Of Horizon Therapeutics (Forbes)

FTC Settles With Amgen Over $27.8 Billion Deal For Horizon Therapeutics (Wall Street Journal)

See also  Top US Automaker Reports $1.7 Billion Loss On Electric Vehicles In Fourth Quarter
Amgens Billion FTC Horizon Purchase Settlement Therapeutics
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