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Overview of the Deal
Acquirer: Amgen Inc. Target: Horizon Therapeutics plc Total Transaction Size: Approximately $27.8 billion Offer Details: $116.50 per share in cash Announcement Date: December 12, 2022 Completion Date: October 6, 2023 Target Advisors: Not publicly disclosed Acquirer Advisors: Not publicly disclosed
On December 12, 2022, Amgen Inc. announced a definitive agreement to acquire Horizon Therapeutics plc for $116.50 per share in cash, totaling approximately $27.8 billion. The transaction received the necessary regulatory approvals and was completed on October 6, 2023, making Horizon a wholly owned subsidiary of Amgen.
Company Details (Acquirer – Amgen Inc.)
Amgen Inc. is a leading global biotechnology company committed to discovering, developing, and delivering innovative human therapeutics.
- Founded: 1980
- Headquarters: Thousand Oaks, California, USA
- CEO: Robert A. Bradway
- 2023 Revenue: Approximately $26.3 billion
- Market Cap: Over $130 billion
- Recent Acquisitions:
- ChemoCentryx (2022)
- Five Prime Therapeutics (2021)
Company Details (Target – Horizon Therapeutics plc)
Horizon Therapeutics plc is a biopharmaceutical company focused on researching, developing, and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases.
- Founded: 2005
- Headquarters: Dublin, Ireland
- CEO: Timothy P. Walbert
- 2022 Revenue: Approximately $3.6 billion
- Employees: Approximately 2,100
- Key Products:
- TEPEZZA® (teprotumumab-trbw): Treats thyroid eye disease (TED)
- KRYSTEXXA® (pegloticase): Treats chronic gout refractory to conventional therapy
- UPLIZNA® (inebilizumab-cdon): Treats neuromyelitis optica spectrum disorder (NMOSD)
Projections and Assumptions
Short-Term Consequences
- Portfolio Expansion: The acquisition immediately enhances Amgen’s portfolio with the addition of Horizon’s innovative medicines, particularly in the rare disease sector.
- Revenue Growth: Amgen expects the acquisition to drive growth in revenue and non-GAAP earnings per share, becoming accretive from 2024.
Long-Term Upsides
- Global Reach: Amgen plans to leverage its global scale to enhance the growth potential of Horizon’s portfolio, bringing innovative therapies to more patients worldwide.
- Research and Development: The combined expertise in biologics and rare diseases is expected to accelerate the development of new treatments, addressing unmet medical needs.
Risks and Uncertainties
- Integration Challenges: Successfully integrating Horizon’s operations, culture, and product lines into Amgen’s existing infrastructure may present challenges requiring effective management strategies.
- Regulatory Compliance: Ensuring ongoing adherence to global regulatory standards across an expanded product portfolio is crucial to maintain market approvals and patient trust.
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