Horizon Therapeutics (HZNP.US) stock soared more than 15.0% on Monday following news that Amgen (AMGN.US) will acquire the drugmaker for $116.50 per share in cash, with the deal valued at $27.8 billion.
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Some analysts expect that the company's flag-ship drug, Tepezza, which is used to treat thyroid eye disease, may generate even $4 billion in annual sales over the coming years. Another top product, Krystexxa, which is used to treat patients with gout may also deliver solid returns.
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"The acquisition of Horizon is a compelling opportunity for Amgen and one that is consistent with our strategy of delivering long-term growth by providing innovative medicines that address the needs of patients who suffer from serious diseases," said Amgen CEO Robert Bradway. "Additionally, the potential new medicines in Horizon's pipeline strongly complement our own R&D portfolio."
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"The acquisition of Horizon will drive growth in Amgen's revenue and non-GAAP EPS and is expected to be accretive from 2024," Bradway added.
Horizon Therapeutics (HZNP.US) stock rose sharply at the beginning of the new week following M&A news. If current sentiment prevails, upward move may accelerate towards ATH at $120.75. On the other hand, if sellers manage to regain control, nearest support to watch can be found at $94.70, which is marked with previous price reactions and 23.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
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