Traders are almost 100% certain that Amgen Inc. will complete its $28 billion takeover of Horizon Therapeutics Plc after the Federal Trade Commission paused its in-house case to block the deal.
Horizon shares jumped as much as 6.2% on Monday to $113.25 following the antitrust regulator’s late Friday order, which allows Amgen and Horizon to propose a settlement that would negate the need for further litigation. The surge leaves Horizon stock roughly $4 below Amgen’s $116.50 offer, the narrowest spread since the deal was announced in December. The gap was nearly $10 at Friday’s close.
Although many merger-arbitrage investors expected the deal to close whether or not it went to court, “it is highly likely it will close sooner now,” Buckley added.The FTC sued in May to block the proposed tie-up, arguing it would limit competition for the development of treatments for serious illnesses. It was the first challenge to a pharmaceutical deal in more than a decade.
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