Amgen is set to acquire the entire issued and to be issued ordinary share capital of Horizon Therapeutics in one of the biggest pharma deals of the year.
The board of directors of Horizon Therapeutics and Amgen have reached agreement on the terms of a cash offer for the company, which is unanimously recommended by the company Board.
Under the terms of the acquisition, each company shareholder will be entitled to receive
$116.50 for each company share in cash.
The acquisition represents a premium of approximately 47.9% to the closing price of $78.76 per company share on November 29, 2022 and a premium of approximately 19.7% to the closing price of $97.29 per company share on December 9, 2022.
The acquisition values the entire issued and to be issued ordinary share capital of the company at approximately $27.8 billion on a fully diluted basis and implies an enterprise value of approximately $28.3 billion.
Tim Walbert, chairman, president and Chief Executive Officer of Horizon, said: “In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up. We have accomplished a tremendous amount for patients, their families and our customers, and created significant value for shareholders.
“These accomplishments are all rooted in our employees’ deep commitment, dedication and personal passion for those impacted by rare, autoimmune and severe inflammatory diseases. Amgen is aligned with that commitment and passion and will continue to maximise the value of the current portfolio and pipeline and accelerate the ability to reach more patients globally.”
Robert A. Bradway, chairman and Chief Executive Officer of Amgen, said: “The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases.
“Amgen’s decades of leadership in inflammation and nephrology, combined with our global presence and world-class biologics capabilities, will enable us to reach many more patients with first-in-class medicines like TEPEZZA, KRYSTEXXA and UPLIZNA. Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio. The acquisition of Horizon will drive growth in Amgen’s revenue and non-GAAP EPS and is expected to be accretive from 2024.”