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Indebta > News > FTC prepares to block Amgen’s $28.3bn deal for Horizon Therapeutics
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FTC prepares to block Amgen’s $28.3bn deal for Horizon Therapeutics

News Room
Last updated: 2023/05/16 at 9:53 AM
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The US Federal Trade Commission will sue to block Amgen’s $28.3bn deal to acquire Horizon Therapeutics, according to a person familiar with the matter.

The lawsuit, which is set to be filed on Tuesday, would mark the first time in more than a decade that the FTC has sought to block a deal in the pharmaceutical sector.

FTC chair Lina Khan is among a new cohort of progressive antitrust officials appointed by US president Joe Biden, who have vowed to adopt a tougher stance and crack down on anti-competitive conduct in the US.

Shares in Horizon, which is based in Ireland, were down more than 17 per cent in pre-market trade. The news also appeared to hit Seagen, which was down 5.6 per cent in pre-market trade as investors weighed the possibility of the FTC targeting other deals in the sector. The oncology-focused biotech agreed a $43bn deal in March to be acquired by Pfizer.

The move was first reported by Bloomberg.

Additional reporting by Peter Wells in New York

Read the full article here

News Room May 16, 2023 May 16, 2023
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