Summary
This 8-K filing from Amgen Inc. (AMGN) provides an update on the status of its proposed acquisition of Horizon Therapeutics plc. The primary focus is on the ongoing regulatory review by the U.S. Federal Trade Commission (FTC) and the legal proceedings stemming from the FTC's challenge to the acquisition. The filing details extensions to temporary restraining orders (TROs) that prevent Amgen from closing the deal until the court rules on the FTC's request for a preliminary injunction. Investors are informed that the court has scheduled an evidentiary hearing on the preliminary injunction for September 11, 2023. Based on this schedule, Amgen now anticipates the potential closing of the acquisition by mid-December, assuming the court denies the FTC's request. The company emphasizes that this timeline is contingent on the court's ruling and the satisfaction of other closing conditions.
Key Highlights
- 1Amgen's acquisition of Horizon Therapeutics remains pending due to an FTC challenge.
- 2A temporary restraining order (TRO) has been extended, preventing the deal's closure.
- 3The court has scheduled an evidentiary hearing on the FTC's preliminary injunction request for September 11, 2023.
- 4The Revised Stipulated TRO now extends until October 31, 2023, or the second business day after the court's ruling on the preliminary injunction.
- 5Amgen now projects a potential acquisition closing by mid-December 2023, contingent on the court's decision.
- 6The filing underscores the potential risks and uncertainties associated with the acquisition's completion and integration.
- 7Both Amgen and Horizon are subject to the Irish Takeover Rules regarding responsibility for information.