Amgen’s $27.8 billion acquisition of Horizon Therapeutics, an Irish biotechnology company, is one of the largest of 2022.
Amgen announced on Dec. 12, 2022 that it has agreed to acquire Horizon Therapeutics, an Irish biotechnology company focused on rare, autoimmune, and severe inflammatory diseases, for approximately $27.8 billion. According to a company press release, the move is intended to complement and strengthen Amgen’s therapeutics portfolio through receipt of Horizon’s rare disease therapeutics portfolio, while also allowing the company to “enhance the growth potential” of the newly acquired portfolio.
"The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases,” said Robert A. Bradway, chairman and CEO, Amgen, in a company press release. “The potential new medicines in Horizon's pipeline strongly complement our own R&D portfolio. The acquisition of Horizon will drive growth in Amgen's revenue and [non-generally accepted accounting principles earnings per share] and is expected to be accretive from 2024."
"In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up. We have accomplished a tremendous amount for patients, their families, and our customers, and created significant value for shareholders. These accomplishments are all rooted in our employees' deep commitment, dedication, and personal passion for those impacted by rare, autoimmune, and severe inflammatory diseases,” said Tim Walbert, chairman, president, and CEO, Horizon Therapeutics, in the release.
Amgen will purchase all shares of Horizon at $116.50, a premium of approximately 48% on their closing price of $78.76. A closing date was not disclosed in the initial press release.
Source: Amgen
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