Horizon Therapeutics Shares Jump On Confirmation Of Takeover Talks With Several Large Companies

Vandana Singh
1 min read
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In this article:

  • Horizon Therapeutics Plc (NASDAQ: HZNP) confirmed it's engaged in preliminary talks with Amgen Inc (NASDAQ: AMGN), Janssen Global Service, and Sanofi SA (NASDAQ: SNY) on potential takeover offers for the company.

  • According to a statement, there is no certainty that an offer for the company will be made. Under Irish law, each possible acquirer has until 5 p.m. New York Time on Jan. 10 to either make an offer or decide not to submit a bid.

  • Also Read: Horizon Therapeutics Does Not Have Meaningful Upside, Analyst Initiating Coverage Says.

  • The Horizon confirmation comes after the WSJ reported that the company is garnering takeover interest from large pharmaceutical companies.

  • A deal for Horizon would be big. The company had a market value of almost $18 billion as of the close of trading Tuesday and could fetch a price well over $20 billion with a typical takeover premium.

  • Earlier this month, Horizon increased its full-year 2022 net sales guidance to $3.59-$3.61 billion, compared to the previous guidance of $3.53-$3.60 billion.

  • Price Action: HZNP shares are up 31.5% at $103.60 during the premarket session on the last check Wednesday.

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