RARE Daily

J&J Says It Won’t Make a Bid for Horizon

December 5, 2022

Johnson & Johnson’s Janssen Global Services said it would not make a bid to acquire rare disease drug company Horizon Therapeutics.

The announcement follows a filing by Dublin-headquartered Horizon at the end of November under Irish Takeover Rules that the company was engaged in preliminary discussions with Amgen, Janssen Global Services, and Sanofi about a possible acquisition of the company.

At the time, 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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