Dec. 12 (UPI) — Amgen, a California-based biotech company, said Monday it will purchase Horizon Therapeutics for about $28.3 billion.
A statement said the boards of both Amgen and Horizon reached an agreement of a cash offer by the “acquirer sub” Pillartree Limited. Amgen will pay $78.76 per Horizon share, nearly a 48% premium as of Nov. 29.
“The acquisition values the entire issued and to be issued ordinary share capital of [Horizon] at approximately $27.8 billion on a fully diluted basis and implies an enterprise value of approximately $28.3 billion,” the statement said.
Robert A. Bradway, chairman and CEO of Amgen said Horizon, which will become a subsidiary of Amgen, will play a vital role in the company’s long-term growth.
“Amgen’s decades of leadership in inflammation and nephrology, combined with our global presence and world-class biologics capabilities, will enable us to reach many more patients with first-in-class medicines,” Bradway said. “Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio.”
The statement said over the past 12 months through the third quarter of 2022, Amgen operated with a cash flow of $9.88 billion with $833 million in expenditures. Horizon operated with a $1.37 billion cash flow with $56 million in expenditures.
“In nearly 15 years, we have built one of the fastest-growing and most respected companies in the biotechnology industry from the ground up,” Tim Walbert, chairman, president and CEO in a statement.
“We have accomplished a tremendous amount for patients, their families and our customers, and created significant value for shareholders. These accomplishments are all rooted in our employees’ deep commitment, dedication and personal passion for those impacted by rare, autoimmune and severe inflammatory diseases.”
