8-KOther Events

AMGEN INC 8-K Report, Corporate Update (May 18, 2023)

Filed May 18, 2023For Securities:AMGN

Summary

Amgen Inc. (AMGN) has filed an 8-K detailing an update regarding its proposed acquisition of Horizon Therapeutics plc. The U.S. Federal Trade Commission (FTC) has filed a complaint seeking to block the acquisition, leading to a temporary restraining order (TRO) being issued by the court. This TRO prevents Amgen from closing the Horizon acquisition until at least September 15, 2023, or until the court makes a ruling on the FTC's request for a preliminary injunction. This development introduces significant uncertainty for investors regarding the completion of the Horizon acquisition, which was previously announced in December 2022. The legal challenge by the FTC is a critical hurdle, and the September 15th deadline set by the stipulated TRO provides a timeframe for further legal proceedings. Investors should monitor any updates on the court's decision regarding the preliminary injunction and Amgen's strategic responses.

Key Highlights

  • 1The FTC has filed a lawsuit seeking to prevent Amgen's acquisition of Horizon Therapeutics.
  • 2A temporary restraining order (TRO) has been issued, preventing the closing of the acquisition.
  • 3The acquisition is blocked until at least September 15, 2023, or until the court rules on the FTC's preliminary injunction request.
  • 4This filing confirms previous disclosures about the FTC's challenge and the legal proceedings.
  • 5The TRO was agreed upon by Amgen, Horizon, and the FTC, and then approved by the court.
  • 6Directors of Amgen have confirmed the accuracy of the information provided in this filing.

Frequently Asked Questions

The main impact is that the acquisition of Horizon Therapeutics is significantly delayed and faces potential blockage due to an FTC lawsuit. A court-issued temporary restraining order (TRO) prevents Amgen from closing the deal until at least September 15, 2023, or until the court rules on the FTC's request for a preliminary injunction.

The filing does not specify the FTC's reasons for opposing the acquisition. It only states that the FTC filed a complaint seeking to enjoin the acquisition and that a TRO was subsequently issued.

The stipulated TRO sets a deadline of September 15, 2023, or the second business day after the court rules on the FTC's request for a preliminary injunction. This means a decision on the preliminary injunction is expected before that date, but the acquisition cannot close until then at the earliest.

No, this filing does not definitively state that the acquisition is off. It indicates a significant legal hurdle and delay. The TRO is a temporary measure, and the acquisition could still proceed if the FTC's challenge is unsuccessful or if Amgen and Horizon can reach a different agreement with the FTC.