Amgen to Buy Horizon Therapeutics for $27.8 Billion
12 December 2022 - 11:11PM
Dow Jones News
By Dean Seal
Amgen Inc. said Monday that it will acquire drug company Horizon
Therapeutics PLC in an all-cash deal valued at $27.8 billion,
confirming an earlier report by the Wall Street Journal.
The U.S. biotechnology company has agreed to pay $116.50 apiece
for Horizon's shares, marking a 19.7% premium to its closing price
from Friday and a 47.9% premium to its closing price on Nov. 29,
when takeover news first surfaced.
The deal will be financed with a $28.5 million bridge loan, for
which Citibank NA and Bank of America Corp. are acting as lead
arrangers and book runners, Amgen said.
Amgen expects the deal to get approved in the first half of
2023.
Talks of a potential Horizon takeover, which will be the largest
healthcare merger of the year, lifted the Dublin-based company's
stock at the end of November, with Amgen, Sanofi SA and Johnson
& Johnson cited as suitors.
The Wall Street Journal reported on Sunday night that Sanofi was
out of the running and that Amgen had advanced in negotiations.
Shares jumped 13.7% to $110.64 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 12, 2022 06:56 ET (11:56 GMT)
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