Amgen at last completes buy of Horizon

7 October 2023

US biotech giant Amgen (Nasdaq: AMGN) has at last completed its acquisition of Ireland-headquartered Horizon Therapeutics for $116.50 per share in cash, representing a transaction equity value of around $27.8 billion, that was announced in December last year.

The transaction was originally expected to close in the first half of this year, but the US Federal Trade Commission (FTC) attempted to block the deal before ultimately backing off last month, albeit with some conditions. The scheme, agreed between Horizon and its shareholders, required Irish court approval as the transaction is governed by Irish takeover rules, which came through on Thursday.

This was the first time in more than a decade that the FTC moved to prevent an acquisition in the pharmaceutical sector.

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