© Reuters. FILE PHOTO: An Amgen sign is seen at the company’s office in South San Francisco, California October 21, 2013. The biopharmaceutical company reports earnings on Tuesday. REUTERS/Robert Galbraith/Profile photo
(Reuters) – Amgen . Co (NASDAQ:) said on Monday that it will buy rare disease drug maker Horizon Therapeutics (NASDAQ:) Plc for $26.40 billion in its largest-ever deal, allowing Biotech company has access to the blockbuster thyroid disease treatment product Tepezza.
Amgen will pay $116.5 in cash for each Horizon share held, or a nearly 20% premium over the stock’s final closing price.
The offer values Horizon at $28.3 billion, including debt.
A deal will add several approved drugs to the company’s portfolio, including Krystexxa used to treat gout not controlled by other drugs.
The acquisition could help Amgen counter the impact of increasing competition for its best-selling arthritis drug, Enbrel, from newer and expectedly exhausted brand-name treatments. patent for this therapy in 2029.
