Robert Galbraith | Reuters
horizon therapy Its sales of $27.8 billion are expected Amgen Closing the deal as early as the end of the third quarter, earlier than previously planned — if the FTC’s attempt to stop the deal fails — according to document filed with the U.S. Securities and Exchange Commission on Thursday.
The FTC filed a lawsuit Tuesday in federal court in Illinois seeking a halt to the buyarguing that this will “stifle competition in the pharmaceutical industry.”
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If a federal court rejects the FTC’s request by Sept. 15, Ireland-based Horizon said in a new SEC filing that the deal could close “by the end of the third quarter or fourth quarter of 2023.” Beginning of the quarter” completed. Close the acquisition by that date or the second business day after the court rules on the lawsuit.
Horizon’s estimate was ahead of when the company and Wall Street analysts had initially expected the deal to close following the FTC’s lawsuit. The parties previously said it could close around mid-December.
Shares of Horizon were up about 1% in Thursday afternoon trading. Shares of California-based Amgen fell 1%.
If the deal goes through, Amgen will get Horizon’s blockbuster thyroid eye disease drug, Tepezaand its gout medicine, Christex.
These treatments can help Amgen counteract the Multiple patents expire Key treatments for the next decade.
They are also at the center of a lawsuit by the Federal Trade Commission trying to block the deal. The deal will allow Amgen to “solidify” its “monopoly position” on the two fast-growing drugs from Horizon, the agency said.
Amgen will be able to offer rebates on its existing drugs to force insurers and pharmacy benefit managers to favor the two Horizon products, a strategy known as “cross-market bundling.”
On Tuesday, Amgen said in a statement that it had “overwhelmingly demonstrated” that the merger would not create competition concerns.
Horizon said in a separate statement that it “has not and has no plans” to engage in cross-market bundling.
