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.
This story originally appeared on Marketwatch