Amgen will acquire Horizon at a valuation of $26 billion.
Amgen Inc (NASDAQ: AMGN) will pay approximately $26 billion for Horizon Therapeutics Plc (NASDAQ: HZNP), its largest acquisition.
The U.S. biopharmaceutical business has offered approximately $116.5 per Horizon share, according to a report quoting a source with knowledge of the situation. The offer is approximately 20% over Horizon’s Friday closing price of $97.29.
The news follows Sanofi’s (NASDAQ:SNY) announcement on Sunday that it no longer expects to make an offer for Horizon.
Horizon Therapeutics, which has a market capitalization of approximately $22 billion, disclosed last month that it was in discussions with Amgen Inc., Sanofi, and Johnson & Johnson (NYSE: JNJ)’s Global Services subsidiary, all of whom have been active in deal-making this year.
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Amgen and Horizon did not reply quickly to requests for comment from Reuters.
Janssen withdrew from the competition last week, stating that it had no plans to submit an offer for Horizon.
As first reported by the Wall Street Journal on Sunday, Amgen is in advanced negotiations to acquire Horizon.
Amgen will pay $26 billion for Horizon – Bloomberg News
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