As soon as US biotech giant Amgen (Nasdaq: AMGN) announced that it is to acquire Horizon Therapeutics (Nasdaq: HZNP) in a deal worth $27.8 billion, concerns were voiced that the US competition regulator would take a serious look at monopoly and anti-competitiveness implications.
Thus it is no surprise that the US Federal Trade Commission (FTC) today announced it is seeking to block the transaction, saying the deal would allow Amgen to leverage its portfolio of blockbuster drugs to entrench the monopoly positions of Horizon medications used to treat two serious conditions, thyroid eye disease and chronic refractory gout.
Horizon's shares slumped 15% to $95.15 on the news.
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