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Purchase strengthens Amgen’s therapeutics portfolio
Amgen has acquired Horizon Therapeutics, an Irish biotech company focused on rare, autoimmune, and severe inflammatory diseases, for approximately $27.8 billion. The move is intended to complement and strengthen Amgen’s therapeutics portfolio through receipt of Horizon’s rare disease therapeutics collection, 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,” comments Robert A. Bradway, chairman and CEO, Amgen. “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-GAAP EPS [non-generally accepted accounting principles earnings per share], and is expected to be accretive from 2024."
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 for the deal was not disclosed.
Read more about the acquisition here.