Horizon in Talks with Multiple Big Pharma Suitors on Possible Takeover
November 30, 2022
Rare disease drug developer Horizon Therapeutics said it is engaged in preliminary discussions with Amgen, Janssen Global Services, and Sanofi about a possible acquisition of the company.
News of the talks sent Horizon shares up about 30 percent in after-hours trading following the company announcement that it was in talks.
The potential deal could be a big boost to M&A activity among the rare disease sector, which has been lackluster in 2022. M&A activity for rare disease drug developers is down nearly 47 percent with $21.8 billion in deal values at signing in the first 10 months of 2022, down from $40.7 billion for the same period a year ago.
Horizon emphasized the talks are early and that they may or may not result in an offer for the company.
Horizon has seven commercial products including Uplinza, Tepezza, and Krystexxa. It also has a pipeline that includes two candidates in three phase 3 studies and four candidates in 13 phase 2 studies. The company has a market cap of $22.6 billion and had $3.2 billion in revenue for the year ending December 31, 2021.
Profits reached $2.4 billion in 2021, up from $1.6 billion the previous year, and earnings per share of $2.37 compared to $1.91 in 2020.
Horizon, which is headquartered in Dublin, said under Irish takeover rules, potential offerors have until 5 p.m. EST, on January 10, 2023, to announce their plans to make an offer or not. The company has the right to ask Irish regulators to extend that deadline.
Author: Rare Daily Staff
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