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.