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☆ Amgen sales rise, but shares off as investors await obesity data
▼ + stars: | 2023-10-31 | by ( Deena Beasley | ) www.reuters.com time to read: +3 min

Third quarter sales of Horizon's gout drug Krystexxa rose to $253 million from $192 million. Amgen raised its post-acquisition forecast for full-year sales to between $28 billion and $28.4 billion from a previous estimate of $26.6 billion to $27.4 billion. Total revenue for the quarter rose 4% to $6.9 billion, in line with analyst expectations. Sales of cancer drug Lumakras fell 31% to $52 million and sales of psoriasis drug Otezla fell 10% to $567 million. Sales of Amjevita, Amgen's new biosimilar version of AbbVie's (ABBV.N) blockbuster arthritis drug Humira, rose 30% to $152 million.

Persons: Robert Galbraith, Amgen, Jefferies, Michael Yee, Bill Smead, Tepezza, We're, we've, Peter Griffith, AMG340, William Blair, Matt Phipps, Lumakras, Otezla, Deena Beasley, Leroy Leo, Bill Berkrot Organizations: REUTERS, Horizon Therapeutics, Smead Capital Management, Wall Street, U.S . Federal Trade Commission, Thomson Locations: South San Francisco , California, California, Los Angeles, Bengaluru

☆ Amgen completes $27.8 bln Horizon Therapeutics deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California in this October 21, 2013 photo. Amgen, which has gained Horizon's two key products Tepezza and Krystexxa, said it will provide an updated annual forecast during its third-quarter earnings call. RBC Capital Markets analyst Gregory Renza expects Amgen's updated forecast to weave in revenue from Horizon's drugs, which could partially offset the company's "maturing product line". Tepezza could be a "core driver" for Amgen, Renza said, adding that the drug can bring in $3.9 billion in peak sales. Reporting by Mariam Sunny and Sriparna Roy in Bengaluru; Editing by Anil D'Silva and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Gregory Renza, Renza, Mariam Sunny, Sriparna Roy, Anil D'Silva, Sherry Jacob, Phillips Organizations: Horizon Therapeutics, U.S . Federal Trade Commission, FTC, RBC Capital Markets, Thomson Locations: South San Francisco , California, Bengaluru

☆ Amgen completes $27.8 billion Horizon deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California in this October 21, 2013 photo. REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsOct 6 (Reuters) - Amgen (AMGN.O) said on Friday it had completed the $27.8 billion acquisition of Horizon Therapeutics (HZNP.O) after it received the go-ahead from the U.S. Federal Trade Commission (FTC) last month on certain conditions. Under the settlement terms with the FTC following its lawsuit to block the deal, Amgen is prevented from using anticompetitive tactics to extend the market dominance of Horizon's thyroid eye disease treatment Tepezza and gout drug Krystexxa. The deal closure was within the fourth-quarter timeline set by the two companies. Reporting by Mariam Sunny in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Mariam Sunny, Anil D'Silva Organizations: Horizon Therapeutics, U.S . Federal Trade Commission, FTC, Thomson Locations: South San Francisco , California, Bengaluru

☆ Analysis: FTC settlement could shelter Amgen from US price cuts, taxes
▼ + stars: | 2023-09-05 | by ( Deena Beasley | ) www.reuters.com time to read: +5 min

An Amgen sign is seen at the company's office in South San Francisco, California October 21, 2013. With Horizon, Amgen acquires drugs that won't be affected by new U.S. negotiation requirements for blockbuster medications as well as possible tax advantages stemming from Horizon's headquarters in Ireland. Analysts said the Horizon deal could also help Amgen's tax situation. The United States has largely eliminated once-lucrative corporate tax benefits for pharmaceutical manufacturing operations in Puerto Rico, a U.S. territory. Horizon offers Amgen "potentially a better tax jurisdiction related to Irish manufacturing plants ... Amgen has a new manufacturing process they could potentially move there," Cowen's Werber said.

Persons: Robert Galbraith, Abiel Garcia, John Kness, Donald Trump, Garcia, Evan Seigerman, Lina Khan, Cowen, Biden, Michael Yee, Amgen, Cowen's Werber, Deena Beasley, Peter Henderson, Paul Simao Organizations: REUTERS, U.S . Federal Trade, Horizon Therapeutics, U.S, District, Federal, Activision, Horizon, Amgen, BMO Capital Markets, FTC, Reuters, U.S . Food, Drug Administration, Jefferies, Medicare, Internal Revenue Service, United, Thomson Locations: South San Francisco , California, Amgen, Kesselman, Ireland, U.S, Puerto Rico, United States, Irish

☆ Amgen settles with the FTC over $28 billion deal
▼ + stars: | 2023-09-01 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +2 min

In May, the FTC filed a complaint in the US District Court for the Northern District of Illinois to stop the deal from going ahead, alleging that it was anti-competitive. The lawsuit involved Horizon’s Tepezza, used to treat thyroid eye disease, and Kystexxa, used to treat chronic refractory gout. The FTC’s concern was that, by acquiring these products, Amgen would stifle competition by making it harder for consumers to have access to cheaper medicines if they were developed by competitors. It also needs to gain approval from the FTC before acquiring any other companies that manufacture these types of medicines. The two companies are expected to finalize the merger later this year, according to Amgen.

Persons: Amgen, Horizon’s, “ Organizations: New, New York CNN, Federal Trade Commission, Horizon Therapeutics, Court, Northern, Northern District of, FTC Locations: New York, Northern District, Northern District of Illinois

☆ FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition
▼ + stars: | 2023-09-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission on Friday said it has reached a deal with drug giant Amgen to allow the company's $27.8 billion purchase of Horizon Therapeutics to move forward. The two companies now expect to close the acquisition – Amgen's largest ever – early in the fourth quarter of this year, a spokesperson for Amgen said. But the agreement announced Friday still imposes restrictions on Amgen to address key concerns the FTC raised in its suit. That practice involves offering rebates or discounts on its existing products to pressure insurers and pharmacy benefit managers into favoring the Horizon products. A Horizon spokesperson did not immediately respond to a request for comment.

Persons: Amgen Organizations: Federal Trade Commission, Horizon Therapeutics, FTC Locations: Thousand Oaks , California, California , Illinois, Minnesota , New York, Washington, Wisconsin

An Amgen sign is seen at the company's office in South San Francisco, California in this October 21, 2013. Under the FTC settlement, Amgen is prohibited from bundling any of its products with Tepezza or Krystexxa, and from using any product rebate or contract term to exclude or disadvantage products that would compete with those drugs. It also prevents Amgen from buying any competitors to the two Horizon drugs without the FTC's permission. The lawsuit had raised concerns over increased oversight on mergers and acquisitions in a sector that often turns to consolidation to power future growth as patents on older treatments expire. Shares of Seagen Inc (SGEN.O), which is in the process of being acquired by Pfizer (PFE.N), rose 1.5%.

Persons: Robert Galbraith, Lina Khan, Robyn Karnauskus, Khan, Manas Mishra, David Shepardson, Devika Organizations: REUTERS, U.S . Federal Trade Commission, Horizon Therapeutics, FTC, Seagen Inc, Pfizer, Thomson Locations: South San Francisco , California, Amgen, Bengaluru, Washington

☆ FTC suspends challenge to block Amgen's $27.8 billion deal for Horizon Therapeutics
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +1 min

An Amgen sign is seen at the company's office in South San Francisco, California October 21, 2013. REUTERS/Robert Galbraith/File Photo Acquire Licensing RightsAug 26 (Reuters) - The U.S. Federal Trade Commission (FTC) has suspended its challenge of Amgen's (AMGN.O) $27.8 billion purchase of Horizon Therapeutics (HZNP.O), allowing the FTC to consider whether the agency should settle the case, a filing late on Friday showed. The FTC filed a lawsuit on May 16 aimed at stopping the transaction in a rare move to block a large pharmaceutical deal. Amgen and Horizon Therapeutics did not immediately respond to a Reuters' request for comment. Reporting by Urvi Dugar in Bengaluru; editing by Jason Neely and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Galbraith, Urvi, Jason Neely, Diane Craft Organizations: REUTERS, U.S . Federal Trade Commission, Horizon Therapeutics, FTC, Horizon, Thomson Locations: South San Francisco , California, Oaks , California, Bengaluru

May 18 (Reuters) - Amgen Inc (AMGN.O) has agreed not to quickly close on its $27.8 billion acquisition of Horizon Therapeutics (HZNP.O) after the U.S. Federal Trade Commission (FTC) filed suit to block the deal. Absent an agreement, Amgen could have sought to close the deal as early as Monday. Under the order, Amgen and Horizon will not close their transaction until the earlier of Sept. 15, or the second business day after the court rules on the FTC's request for a preliminary injunction. Amgen said it had made an offer to the FTC in the hope of resolving the issue. "We committed that we would not bundle the Horizon products raised as issues," Amgen said in a statement.

That would appear to contradict the FTC's practice of preventing companies from using market power to push up prices. The FTC lawsuit spurred concern among investors who had brushed off the antitrust risk in Amgen's deal because of its limited business overlap with Horizon. "Our complaint is firmly rooted in longstanding antitrust law and we look forward to making our argument in court," an FTC spokesperson said. AMGEN OFFERS REMEDYAmgen said on Tuesday it had made an offer to the FTC in hopes of resolving the issue. "These are valid concerns that FTC has raised but what a court will do about it is uncertain," he said.

☆ Horizon Therapeutics says Amgen deal could close earlier than planned if FTC fails to block it
▼ + stars: | 2023-05-18 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Horizon Therapeutics expects its $27.8 billion sale to Amgen to close as early as the end of the third quarter, earlier than previously planned — if the Federal Trade Commission's attempt to block the deal fails — according to a document filed Thursday with the Securities and Exchange Commission. The FTC on Tuesday filed a lawsuit in Illinois federal court seeking to halt the acquisition, arguing it would "stifle competition" in the pharmaceutical industry. Horizon's estimate is earlier than when the companies and Wall Street analysts were initially expecting the deal to close after the FTC sued. If completed, the deal would give Amgen access to Horizon's blockbuster thyroid eye disease drug, Tepezza, and its gout medicine, Krystexxa. The agency said the deal would allow Amgen to "entrench the monopoly positions" of those two fast-growing drugs from Horizon.

☆ Analysis: Amgen's antitrust woes spur wider pharmaceutical deal fears
▼ + stars: | 2023-05-17 | by ( David Carnevali | ) www.reuters.com time to read: +4 min

Even shares of drug companies that do not have pending deals but are seen by analysts and investors as potential acquisition targets were hit. FTC officials did not respond to a request for comment on whether they planned to challenge any other pharmaceutical acquisitions. "We could see similar challenges to the Pfizer/Seagen deal" BMO analysts wrote in a note, arguing that the FTC could target other major drug companies with the resources to engage in bundling. UNDER THE RADARConversely, investors and analysts are hoping that smaller pharmaceutical acquisitions will continue to fly under the radar of regulators. Reporting by David Carnevali in New York; Editing by Greg Roumeliotis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ US FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The agency said it was opposing the deal because it would give Amgen "monopoly positions" for medicines used to treat thyroid eye disease and chronic refractory gout. The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Other key drugs in Amgen's product portfolio, such as psoriasis therapy Otezla, face the loss of patent protections over the next few years. It is unusual for the agency to sue to stop a pharmaceutical deal.

☆ FTC sues to block Amgen's $27.8 bln deal for Horizon Therapeutics -statement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 16 (Reuters) - The U.S. Federal Trade Commission said on Tuesday that it would sue to stop Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics Plc (HZNP.O). The deal, which was announced in December 2022, would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and gout treatment Krystexxa. Amgen hopes they can act as a bulwark against competition for its blockbuster arthritis drug Enbrel. Furthermore, other key drugs in its portfolio, such as psoriasis therapy Otezla, face loss of patents over the next few years. Reporting by Diane Bartz; editing by Tim AhmannOur Standards: The Thomson Reuters Trust Principles.

☆ FTC to block Amgen's $27.8 billion deal for Horizon Therapeutics - source
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

May 15 (Reuters) - The U.S. Federal Trade Commission is expected to file a lawsuit as early as Tuesday to block Amgen Inc's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics PLC (HZNP.O), a person familiar with the matter told Reuters. Amgen struck a deal last year to buy Horizon to strengthen its rare diseases drugs portfolio. Senator Elizabeth Warren, an outspoken critic of corporate consolidation, wrote to the FTC earlier this year expressing her concerns about pharmaceutical deals including the Amgen purchase of Horizon. The Democratic Senator said both Amgen and Horizon Therapeutics "have engaged in brazen price increases," including on Amgen's Enbrel for arthritis and Horizon’s Krystexxa, a gout medication. The deal would give Amgen two fast-growing drugs, the thyroid eye disease treatment Tepezza and Krystexxa.

Viridian Therapeutics is "a sight for sore eyes," according to Wells Fargo. Viridian's thyroid eye disease treatment VRDN-001 is currently undergoing clinical testing. Wells Fargo is confident it will gain market share even with Horizon's Tepezza already established in the market. Results for VRDN-001's phase one and two trials in chronic thyroid eye disease are expected in the second half of 2023. VRDN 1Y mountain Viridian Therapeutics stock —CNBC's Michael Bloom contributed to this report.

☆ Health-care stocks are looking good for 2023 and not just because the sector is a 'safe haven'
▼ + stars: | 2022-12-21 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Investors looking for cover this year would have done well if they sought a safe haven in large-cap pharmaceutical stocks, a trend that is likely to continue into 2023. The Inflation Reduction Act provided some clarity around drug pricing that should help health-care stocks. The average price target, according to FactSet, is $62, or nearly 40% above the stock's closing price on Tuesday. Gene therapies in focus Investors will be closely watching the progress of several gene therapies, according to Phipps. "Yes, these are expensive therapies," Phipps said.

☆ First Test for Amgen: Fix Horizon’s Growth Problem
▼ + stars: | 2022-12-12 | by ( David Wainer | ) www.wsj.com time to read: 1 min

The crown jewel in Amgen ’s $28 billion acquisition of Horizon Therapeutics is the drug Tepezza for thyroid eye disease, a rare condition that causes swelling and damage to the tissues around the eye. It is the only drug approved in the U.S. for the condition and is generating close to $2 billion in annualized sales. Horizon in November upped its guidance for the treatment, predicting expansion abroad and growth in the U.S. will help the drug fetch more than $4 billion in peak sales. The raised guidance was seen by many on Wall Street as a sign the company was gearing up for a sale. One immediate challenge: Sales of the treatment have plateaued in recent quarters, raising the question of whether Horizon’s numbers are realistic.

Amgen gains several approved drugs through the deal, a bulwark against rising competition for its blockbuster arthritis drug, Enbrel, from newer treatments. Sales of Amgen's Enbrel tumbled 14% in the latest reported quarter to $1.1 billion, extending a run of downbeat performances. The Horizon bid follows Amgen's $3.7 billion deal in August for rare blood vessel inflammation treatment maker ChemoCentryx Inc . The offer values Horizon at $27.8 billion on a fully diluted basis, according to the company, which includes ordinary shares to be vested. Based on Reuters calculations, it values Horizon at about $26 billion and gives Horizon a $28.3 billion valuation, including debt.

☆ Amgen to buy Horizon Therapeutics for $26.40 billion
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - Amgen Inc (AMGN.O) will buy rare disease drugmaker Horizon Therapeutics Plc (HZNP.O) for $26.40 billion, it said on Monday, in its biggest deal ever that gives the biotech company access to blockbuster thyroid eye disease treatment Tepezza. The offer values Horizon at $27.8 billion on a fully diluted basis, according to the company, which includes ordinary shares to be vested. Based on Reuters calculations, it values Horizon at $26.40 billion. The offer values Horizon at $28.3 billion, including debt. The Wall Street Journal on Sunday reported that Amgen was close to acquiring Horizon after the other bidders pulled out of the race.

☆ Amgen’s $28 bln deal is a reasonable gamble
▼ + stars: | 2022-12-12 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 12 (Reuters Breakingviews) - Biotechnology deals are always a gamble, and, on the face of it, Amgen’s (AMGN.O) $28 billion purchase of Horizon Therapeutics (HZNP.O) looks both risky and pricey. Investors in the $150 billion drug buyer should give it the benefit of the doubt. Amgen is largely buying Horizon for a drug named Tepezza, which helps a thyroid disease that affects eyesight. Sales in Alexion’s drug this year should be $7 billion, a 16% jump from where they were when AstraZeneca bought it. If Amgen similarly helps Horizon, its deal will look like a reasonable wager.

☆ Amgen emerges frontrunner in Horizon deal as Sanofi drops bid
▼ + stars: | 2022-12-11 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) -Amgen Inc is in advanced talks to buy biotech company Horizon Therapeutics Plc, the Wall Street Journal reported on Sunday, while rival bidder French health group Sanofi announced it had dropped its bid. A deal for Amgen to buy the company could be finalised by Monday assuming the talks don’t fall apart, the Journal report added. Amgen and Horizon did not immediately respond to Reuters requests for comments. Sanofi said on Sunday that it was no longer in discussions with Horizon and does not intend to make an offer for it. Janssen also pulled out of the race last week saying that it does not intend to make an offer for Horizon.

☆ J&J unit says does not intend to bid for Horizon Therapeutics
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: 1 min

Dec 3 (Reuters) - Johnson & Johnson (JNJ.N) unit Janssen Global Services said on Saturday that it does not intend to make an offer for biotech company Horizon Therapeutics Plc (HZNP.O). Last month, Horizon Therapeutics - which has a market capitalization of about $18 billion - said it was in talks with Amgen Inc (AMGN.O), Sanofi (SASY.PA) and Janssen Global Services, all three of which have been active in deal-making this year. It expects over $4 billion in global annual peak sales for its biggest drug Tepezza, which is used to treat thyroid eye disease. French drugmaker Sanofi (SASY.PA) said on Friday that if it decides to bid for Horizon, it would do so in cash. Reporting by Mrinmay Dey in Bengaluru, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Horizon Therapeutics fields buyout interest from Amgen, J&J and Sanofi
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

The biotech company, with a market capitalization of about $18 billion, is in talks with Amgen Inc (AMGN.O), Sanofi (SASY.PA) and Johnson & Johnson (JNJ.N) unit Janssen Global Services. Amgen acquired ChemoCentryx in a $4 billion deal in October, while J&J earlier this month announced a $16.6 billion bid for Abiomed (ABMD.O). Sanofi earlier this year completed the buyout of immuno-oncology company Amunix Pharmaceuticals for around $1 billion. Amgen declined to comment on the talks, while Sanofi and Janssen Global were not immediately available. Horizon expects over $4 billion in global annual peak sales for its biggest drug Tepezza, which is used to treat thyroid eye disease.

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