Amgen Inc is in advanced talks to buy biotech company Horizon Therapeutics Plc , the Wall Street Journal reported on Sunday, while rival bidder French health group Sanofi announced it had dropped its bid.
Sanofi said on Sunday that it was no longer in discussions with Horizon and does not intend to make an offer for it.
"Transaction price expectations do not meet our value creation criteria," Sanofi said in a statement.of the race last week saying that it does not intend to make an offer for Horizon. Horizon, which makes drugs for rare autoimmune and severe inflammatory diseases, expects over $4 billion in global annual peak sales for its biggest drug Tepezza, which is used to treat thyroid eye disease.
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