Amgen and Horizon Therapeutics have reached a consent order agreement with the Federal Trade Commission (FTC) to resolve an ongoing administrative lawsuit.
This sets the stage for Amgen to proceed with the last steps in finalising the acquisition of Horizon.
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In December last year, Amgen reached an agreement to acquire the complete issued and to-be-issued ordinary share capital of Horizon Therapeutics for $116.50 (€107.82) per share in cash or nearly $27.8bn on a fully diluted basis.
As a result of the agreement, Amgen and Horizon anticipate submitting joint proposals to dismiss the preliminary injunction motion and lift the temporary restraining order (TRO) in the US District Court for the Northern District of Illinois.
In May this year, the FTC took legal action in federal court to prevent the transaction, arguing that it would allow Amgen to leverage rebates from its successful drugs to exert influence over insurance companies and pharmacy benefit managers, thereby promoting Horizon’s two dominant products: Tepezza for thyroid eye disease and Krystexxa for chronic refractory gout.
Furthermore, Amgen and Horizon plan to quickly pursue the necessary approvals under Irish law to finalise the acquisition.
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By GlobalDataAmgen has consistently communicated to the FTC, the courts and the public that it has no intention, ability or incentive to bundle Horizon’s Tepezza or Krystexxa with any of its own products.
The companies expect to finalise the acquisition in the fourth quarter of this year and plan to assist patients worldwide who are dealing with rare diseases.
Horizon, which is based in Ireland, discovers, develops and markets therapies for the critical needs of patients with rare, autoimmune and severe inflammatory ailments.
The company presently markets 12 therapies and has a pipeline comprising more than 20 development programmes.
