Summary
Amgen Inc. (AMGN) filed an 8-K on September 1, 2023, to provide an update on its previously announced acquisition of Horizon Therapeutics plc. The key development is the entry into a consent order agreement with the Federal Trade Commission (FTC) that resolves the FTC's administrative lawsuit challenging the acquisition. This agreement is a significant step towards closing the deal, removing a major regulatory hurdle. As a result of the consent order, Amgen and Horizon anticipate jointly filing to dismiss the preliminary injunction motion and dissolve the temporary restraining order (TRO) in the U.S. District Court. They also expect to expedite the final approvals required under Irish law to complete the transaction. Investors should view this as positive news, indicating progress towards the closing of the Horizon acquisition.
Key Highlights
- 1Amgen and Horizon Therapeutics have reached a consent order agreement with the FTC, resolving the regulatory challenge to the acquisition.
- 2This agreement is expected to lead to the dismissal of the FTC's preliminary injunction motion and dissolution of the temporary restraining order.
- 3The resolution with the FTC removes a significant regulatory obstacle, paving the way for the acquisition to close.
- 4Amgen and Horizon will now move forward to obtain final approvals required under Irish law.
- 5The 8-K filing includes a joint press release from Amgen and Horizon dated September 1, 2023, detailing this development.