Dec 12 (Reuters) – Amgen Inc (AMGN.O) will purchase uncommon illness drugmaker Horizon Therapeutics Plc (HZNP.O) for $26.40 billion, it stated on Monday, in its greatest deal ever that offers the biotech firm entry to blockbuster thyroid eye illness remedy Tepezza.
The corporate can pay $116.50 in money for every Horizon share held, a premium of almost 20% to the inventory’s final shut.
A deal will add a number of authorised medicine to Amgen’s portfolio and will assist counter the affect from rising competitors for its top-selling arthritis drug, Enbrel, from newer therapies and anticipated expiry of patents for the remedy in 2029.
Gross sales of Enbrel have declined over the past 4 quarters, tumbling 14% within the newest reported quarter to $1.1 billion.
The supply values Horizon at $27.8 billion on a completely diluted foundation, based on the corporate, which incorporates odd shares to be vested. Primarily based on Reuters calculations, it values Horizon at $26.40 billion.
Shares of Dublin-based Horizon jumped 14.4% to $111.37 premarket.
They’ve gained 23.5% by way of Friday shut since Horizon said in late November it was in preliminary talks with Amgen, Sanofi (SASY.PA) and Johnson & Johnson (JNJ.N) for potential takeover provides.
The supply values Horizon at $28.3 billion, together with debt.
The Wall Road Journal on Sunday reported that Amgen was near buying Horizon after the opposite bidders pulled out of the race.
Reporting by Manas Mishra, Bhanvi Satija and Abinaya Vijayaraghavan in Bengaluru; Enhancing by Rashmi Aich and Sriraj Kalluvila
Our Requirements: The Thomson Reuters Trust Principles.