Summary
Amgen Inc. announced the successful completion of its acquisition of Horizon Therapeutics plc on October 5, 2023. The acquisition, valued at approximately $26.7 billion, was settled through the payment of $116.50 in cash for each Horizon share. This move significantly expands Amgen's portfolio, particularly in the rare disease and inflammation areas, aligning with its strategic growth objectives. To finance a portion of this substantial acquisition and associated costs, Amgen drew down $4 billion under its Term Loan Credit Agreement on October 6, 2023. The completion of the acquisition also means Horizon shares will be delisted from the Nasdaq Global Select Market. Investors should note the strategic implications of this large-scale integration for Amgen's future revenue streams and market position.
Key Highlights
- 1Amgen has successfully completed the acquisition of Horizon Therapeutics plc for approximately $26.7 billion in cash.
- 2Each Horizon shareholder received $116.50 in cash per share.
- 3Amgen borrowed $4 billion under its Term Loan Credit Agreement to fund part of the acquisition and related expenses.
- 4Horizon's shares will be delisted from the Nasdaq Global Select Market.
- 5The acquisition is expected to bolster Amgen's presence in rare diseases and inflammation therapeutic areas.
- 6Horizon's equity awards were converted into cash payments or assumed by Amgen as Amgen RSUs.