{"id":5289,"date":"2023-09-01T13:09:44","date_gmt":"2023-09-01T13:09:44","guid":{"rendered":"https:\/\/prosfunds.com\/news\/ftc-allows-amgen-to-move-forward-with-27-8-billion-horizon-therapeutics-acquisition\/"},"modified":"2023-09-01T13:09:45","modified_gmt":"2023-09-01T13:09:45","slug":"ftc-allows-amgen-to-move-forward-with-27-8-billion-horizon-therapeutics-acquisition","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=5289","title":{"rendered":"FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>The Federal Trade Commission on Friday said it has reached a deal with drug giant <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Amgen<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> to allow the company&#8217;s $27.8 billion purchase of <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\">Horizon Therapeutics<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> to move forward.\u00a0<\/p>\n<p>The FTC filed a lawsuit in May seeking to block the acquisition, arguing that the deal would stifle competition in the pharmaceutical industry. But the agency this week temporarily suspended that suit, which allowed it to consider whether to settle the case.\u00a0<\/p>\n<p>Shares of Horizon rose nearly 3% in premarket trading Friday. Amgen&#8217;s stock edged up slightly. <\/p>\n<p>Spokespeople\u00a0for Horizon and Amgen did not immediately respond\u00a0to\u00a0requests\u00a0for comment.<\/p>\n<p>Amgen first moved to buy Horizon in December 2022 in an effort to gain access to the latter&#8217;s rare disease assets, including the thyroid eye disease therapy Tepezza.\u00a0<\/p>\n<p>The buyout was quick to attract regulatory and political scrutiny for its potential antitrust issues.<\/p>\n<p>In its lawsuit, the FTC said that the deal would allow Amgen to &#8220;entrench the monopoly positions&#8221; of Horizon&#8217;s fast-growing medications, including Tepezza, and Krystexxa, a gout medicine.<\/p>\n<p>Specifically, the agency said, Amgen would be able to offer rebates on its existing drugs to pressure insurers and pharmacy benefit managers into favoring the two Horizon products, a strategy known as &#8220;cross-market bundling.&#8221;<\/p>\n<p>The FTC claimed Amgen has a history of leveraging its drug portfolio to gain advantages over potential rivals.<\/p>\n<p>The suit came four months after Sen. Elizabeth Warren,\u00a0D-Mass.,\u00a0in a letter to FTC Chairwoman Lina Khan asked the regulator to &#8220;heavily scrutinize&#8221; the acquisition and the then-pending merger of Indivior and Opian.\u00a0She warned the deals\u00a0could lead to higher\u00a0prices.<\/p>\n<p><em><strong>This story is developing. Please check back for updates.<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/09\/01\/ftc-allows-amgen-horizon-therapeutics-deal-to-move-forward.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Trade Commission on Friday said it has reached a deal with drug giant Amgen to allow the company&#8217;s $27.8 billion purchase of Horizon Therapeutics to move forward.\u00a0 The FTC filed a lawsuit in May seeking to block the acquisition, arguing that the deal would stifle competition in the pharmaceutical industry. But the agency [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-5289","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition | Prosfunds<\/title>\n<meta name=\"description\" content=\"The Federal Trade Commission on Friday said it has reached a deal with drug giant Amgen to allow the company&#039;s $27.8 billion purchase of Horizon\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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