Amgen Fires Back Against FTC's Antitrust Suit

By Dean Seal

Amgen is pushing back against the Federal Trade Commission's effort to block its $27.8 billion acquisition of Horizon Therapeutics, saying it has been working with the regulator for months and that the deal doesn't pose any threats to competition.

The biopharmaceutical giant said Tuesday that it is disappointed with the FTC's decision to file a lawsuit that aims to prevent the deal from closing. The FTC, which has rarely challenged mergers involving drugmakers, has alleged in federal court that the acquisition would allow Amgen to "entrench the monopoly positions" of Horizon's eye and gout drugs.

Amgen said it would work with the court on a schedule that would still allow the deal to close by the end of this year.

The company said there are no overlaps of concern between the medicines that Amgen and Horizon each provide to treat different diseases and patient populations. The FTC's concern that Amgen might bundle those medicines at some point in the future is "entirely speculative" and doesn't take into account the real-world dynamics of providing medicines to patients, Amgen said.

"We committed that we would not bundle the Horizon products raised as issues; however, the commission still decided to pursue this path," the company said. "Furthermore, we are unaware of any prior acquisition that has been blocked under a bundling theory."

Horizon Therapeutics also fired back against the FTC's lawsuit on Tuesday, saying it has no plans to bundle any of its rare-disease medicines.

Amgen shares were down about 1% at $231.45 at noon ET, while Horizon Therapeutics shares have fallen more than 15% to $95.

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

May 16, 2023 12:19 ET (16:19 GMT)

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