Amgen Inc. Updates on Acquisition of Horizon Therapeutics

Strategic Insights -

Amgen Inc. has filed a Form 8-K with the U.S. Securities and Exchange Commission, announcing updates on the acquisition of Horizon Therapeutics. According to the report, the U.S. Federal Trade Commission (FTC) filed a complaint seeking a temporary restraining order and preliminary injunction enjoining the acquisition. The court granted a stipulated temporary restraining order, delaying the acquisition until the earlier of September 15, 2023, or the second business day after the court rules on the FTC's request for a preliminary injunction. The court has scheduled an evidentiary hearing on the FTC's request for a preliminary injunction beginning on September 11, 2023. Amgen expects the schedule set by the court to allow the acquisition to close by mid-December if the court denies the FTC's request for a preliminary injunction.

Key Takeaways:

  • Amgen Inc. has filed a Form 8-K with the U.S. Securities and Exchange Commission, updating on the acquisition of Horizon Therapeutics.
  • The U.S. Federal Trade Commission (FTC) filed a complaint seeking a temporary restraining order and preliminary injunction enjoining the acquisition.
  • The court granted a stipulated temporary restraining order, delaying the acquisition until the earlier of September 15, 2023, or the second business day after the court rules on the FTC's request for a preliminary injunction.
  • The court has scheduled an evidentiary hearing on the FTC's request for a preliminary injunction beginning on September 11, 2023.
  • Amgen expects the schedule set by the court to allow the acquisition to close by mid-December if the court denies the FTC's request for a preliminary injunction.
  • The acquisition is subject to the satisfaction of certain conditions, including the termination of the FTC litigation.
  • Amgen has identified certain risks and uncertainties related to the completion of the acquisition, including further delays, restrictions, or impediments to the transaction.

Statistics:

  • The court has scheduled an evidentiary hearing on the FTC's request for a preliminary injunction beginning on September 11, 2023.
  • The acquisition is expected to close by mid-December if the court denies the FTC's request for a preliminary injunction.
  • The U.S. Federal Trade Commission (FTC) filed a complaint seeking a temporary restraining order and preliminary injunction enjoining the acquisition on May 16, 2023.

Sources:

  • Form 8-K filed by Amgen Inc. with the U.S. Securities and Exchange Commission on June 2, 2023.
  • SEC filings of Horizon Therapeutics plc.
  • SEC filings of Amgen Inc.
  • The Securities Exchange Act of 1934.