By Michele Maatouk
Date: Tuesday 16 May 2023
LONDON (ShareCast) - (Sharecast News) - Horizon Therapeutics tumbled in pre-market trade on Tuesday following a report that its $27.8bn takeover by Amgen will be challenged by federal regulators.
Bloomberg cited a person familiar with the matter as saying that the Federal Trade Commission is arguing that the tie-up would hamper innovation and slow the pace of drug development.
The FTC is expected to file a lawsuit to block the purchase on Tuesday. A suit would mark the first time in more than a decade that the FTC has sought to stop a pharmaceutical deal outright.
Evan Seigerman, an analyst at BMO Capital Markets, told Bloomberg that while the agency's scrutiny isn't a surprise given its earlier requests, the two companies don't significantly overlap in their product areas. The deal was expected to close in the next couple of weeks, and a lawsuit could mark a change in how the FTC views consolidation in the drug industry, he said.
At 1335 BST, Horizon shares were down 17% in pre-market trade at $92.94.
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Currency | US Dollars |
Share Price | $ 298.62 |
Change Today | $ 0.12 |
% Change | 0.04 % |
52 Week High | $324.56 |
52 Week Low | $218.65 |
Volume | 1,713,616 |
Shares Issued | 535.40m |
Market Cap | $159,881m |
RiskGrade | 100 |
Strong Buy | 6 |
Buy | 8 |
Neutral | 13 |
Sell | 1 |
Strong Sell | 1 |
Total | 29 |
Time | Volume / Share Price |
15:59 | 100 @ $298.63 |
15:59 | 104 @ $298.66 |
15:59 | 100 @ $298.54 |
15:59 | 149 @ $298.55 |
15:59 | 134 @ $298.57 |
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