It’s Amgen’s biggest-ever acquisition, deepening its commitment to treatments for autoimmune, inflammatory and rare diseases.
By Dinesh Nair, Katie Roof and Angelica PeeblesThousand Oaks-based Amgen agreed to buy Horizon Therapeutics Plc for about $27.8 billion in its biggest-ever acquisition, deepening its commitment to treatments for autoimmune, inflammatory and rare diseases.
Horizon’s therapeutic focus overlaps with that of Amgen, the maker of the Enbrel treatment for autoimmune ailments like psoriasis and ankylosing spondylitis. Such therapies are often tested and used in a wide variety of indications after inititally reaching the market, which can add to sales. Amgen in particular is contending with the threat of diminished revenue as some of its biggest products face the loss of patent protection in the coming years.
“We’ve admired Horizon’s success for some time and we’ve studied their business closely through time as well,” Amgen Chief Executive Officer Robert Bradway said. “And when presented with this opportunity, we were prepared to move quickly.” Sanofi SA dropped out of the running for Horizon Sunday, saying the price had gotten too high, following in the footsteps of a Johnson & Johnson unit earlier this month. The French drugmaker said the “transaction price expectations do not meet our value creation criteria.”The Thousand Oaks company has far outperformed those rivals this year, with its stock rising 24% through Friday to a market value of about $149 billion.
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