Horizon Therapeutics plc and Amgen Inc. have reached an agreement on the terms of a cash offer for Amgen’s newly formed private company, Pillartree Ltd., to acquire Horizon in a deal valued at approximately $28 billion.
 
Amgen will gain Horizon’s thyroid eye disease drug Tepezza, chronic gout treatment Krystexxa and Uplizna, a newer therapy to treat neuromyelitis optica spectrum disorder. Horizon’s commercial medicines generated approximately $2 billion in sales for the first nine months of the year.

Tim Walbert, Horizon Therapeutics chairman, president and chief executive officer said, “In nearly 15 years, we have built one of the fastest growing and most respected companies in the biotechnology industry from the ground up. 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. Amgen is aligned with that commitment and passion and will continue to maximise the value of the current portfolio and pipeline and accelerate the ability to reach more patients globally.”
 
Robert A. Bradway, chairman and chief executive officer of Amgen said, “The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases. 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 like TEPEZZA, KRYSTEXXA and UPLIZNA. Additionally, the potential new medicines in Horizon’s pipeline strongly complement our own R&D portfolio. The acquisition of Horizon will drive growth in Amgen’s revenue and non-GAAP EPS and is expected to be accretive from 2024.”
 
Amgen strategy aims to deliver the following benefits:
 
Strengthens Amgen’s portfolio of first-in-class / best-in-class innovative therapeutics by adding a complementary portfolio of medicines from Horizon that address the needs of patients suffering from rare diseases;
 
Capitalizes on Amgen’s commercial experience in inflammation and nephrology and its global scale to enhance the growth potential of Horizon’s portfolio;
 
Utilizes Amgen’s R&D, process development and global manufacturing expertise in biologics for the benefit of Horizon’s approved medicines and potential new medicines;
 
Generates robust cash flow (approximately $10 billion combined over twelve months through 3Q22) to support capital allocation priorities, including ongoing investment in innovation.