BRIEF—Horizon Thera jumps after confirming takeover talks

Shares of Ireland-headquartered Horizon Therapeutics (Nasdaq: HZNP) surged over 30% in after-hours trading on Tuesday after the company that it is engaged in highly preliminary discussions with Amgen, Johnson & Johnson unit Janssen Global Services, and Sanofi, which may or may not lead to an offer being made for the entire share capital of the company.

There can be no certainty that any offer will be made for the company, Horizon warned.

In accordance with Rule 2.6 of the Irish Takeover Rules, each of the Possible Offerors is required, no later than January 10, 2023, to either (i) announce a firm intention to make an offer for the company in accordance with Rule 2.7 of the Irish Takeover Rules; or (ii) announce that it does not intend to make an offer for the company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies.

This deadline will only be extended with the consent of the Irish Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules, at the request of the company.