The Federal Trade Commission is seeking to block drugmaker Amgen's $27.8 billion deal to acquire Horizon Therapeutics, the regulator's first challenge to a pharmaceutical merger in years.
Amgen’s bid to acquire Horizon Therapeutics was the biggest merger in the biotech world last year, as the California-based company seeks to replenish its pipeline of drugs in development to increase its future earnings. The companies don’t compete directly, leading analysts to believe the deal was likely to go through.
Amgen said it is disappointed by the FTC’s lawsuit and remains committed to buying Horizon. “The medicines offered by Amgen and Horizon generally treat different diseases and patient populations, and there are no overlaps of competitive concern,” Amgen said in a statement. The FTC’s claim “is entirely speculative and does not reflect the real world competitive dynamics behind providing rare-disease medicines to patients.
Amgen previously said it expected to close the deal in the first half of 2023. On Tuesday, the company said it now hopes to close by mid-December.
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