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Horizon shares sink on report that FTC will sue to block takeover by Amgen

Shares of Horizon Therapeutics PLC plunged 15% in extended trading Monday after Bloomberg News reported the FTC is expected to file a lawsuit to block Amgen Inc.’s $27.8 billion acquisition of Horizon.

The Federal Trade Commission will argue the deal would harm competition for drug development, according to Bloomberg, which added both companies are developing treatments for eczema and lupus.

“We are not aware of any decision made by the commission,” Amgen said in a statement. “We will provide any appropriate updates when we have more information.” Amgen shares rose slightly in after-hours trading Monday.

Amgen announced the deal to buy Dublin-based Horizon in December. In February, the California-based biotech giant kicked off a jumbo bond deal to help finance the acquisition.

Horizon shares

have fallen about 1% year to date, but are up 24% over the past 12 months, while Amgen stock

is down 11% in 2023 and down about 4% over the past year.

This story originally appeared on Marketwatch

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