Robert Galbraith | Reuters
Horizon Therapeutics expects its $27.8 billion sale to Amgen to shut as early as the tip of the third quarter, sooner than previously planned — if the Federal Trade Commission’s try to block the deal fails — in keeping with a document filed Thursday with the Securities and Exchange Commission.Â
The FTC on Tuesday filed a lawsuit in Illinois federal court in search of to halt the acquisition, arguing it could “stifle competition” within the pharmaceutical industry.
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Horizon, which relies in Ireland, said in the brand new SEC filing that the deal could close by the “end of Q3 or early in Q4 of 2023” if a federal court denies the FTC’s request by Sept. 15. The businesses agreed not to shut the acquisition until that date or the second business day after the court rules on the lawsuit.
Horizon’s estimate is sooner than when the businesses and Wall Street analysts were initially expecting the deal to shut after the FTC sued. The parties previously said it could close around mid-December.
Horizon’s share price was about 1% higher in afternoon trading Thursday. California-based Amgen’s stock price dipped 1% lower.
If accomplished, the deal would give Amgen access to Horizon’s blockbuster thyroid eye disease drug, Tepezza, and its gout medicine, Krystexxa.
Those treatments could help Amgen offset possible revenue declines driven by several patent expirations for key treatments over the following decade.Â
They’re also at the middle of the FTC’s lawsuit in search of to dam the deal. The agency said the deal would allow Amgen to “entrench the monopoly positions” of those two fast-growing drugs from Horizon.
Amgen would have the ability to supply rebates on its existing medicines to pressure insurers and pharmacy profit managers into favoring the 2 Horizon products, a method often called “cross-market bundling.”
On Tuesday, Amgen said in an announcement it has “overwhelmingly demonstrated” that the merger poses no competitive issues.
Horizon, in a separate statement, said it “doesn’t and has no plans” to have interaction in cross-market bundling.
