Horizon Therapeutics Stock Rises Over 5% in 2025 After FTC Delays $27.8B Amgen Merger Challenge
Horizon Therapeutics shares surged following the FTC's decision to postpone its legal challenge against Amgen's $27.8 billion acquisition, signaling potential market shifts in the pharmaceutical sector.
Shares of Horizon Therapeutics (HZNP) experienced a notable increase, climbing more than 5.5% during early trading on Monday after the U.S. Federal Trade Commission (FTC) announced a suspension of its legal challenge to Amgen's (AMGN) proposed acquisition of the pharmaceutical company.
Highlights
- Horizon Therapeutics shares surged over 5.5% after the FTC paused its opposition to Amgen's $27.8 billion takeover.
- The FTC had initially filed a lawsuit on May 16, citing concerns that the merger could reduce competition in markets for critical life-saving medications.
- This move reflects the FTC’s intensified antitrust enforcement under Chair Lina Khan, who has scrutinized major mergers across industries.
The FTC’s delay in its challenge, effective until September 18, follows concerns that Amgen might use Horizon’s exclusive portfolio—particularly drugs treating thyroid eye disease and chronic refractory gout—to limit competition, increase prices, and restrict patient access by influencing insurance and pharmacy formularies.
Amgen counters these claims, emphasizing that the acquisition will provide significant benefits to patients with rare and serious diseases globally. The companies are set to present their arguments in a Chicago federal court next month, with settlement possibilities remaining open.
Since Lina Khan’s appointment as FTC Chair in 2021, the agency has adopted a more aggressive stance on mergers deemed anticompetitive, targeting major players including Apple, Amazon, Microsoft, Meta, and Alphabet. Notably, the FTC recently withdrew its attempt to block Microsoft's $69 billion acquisition of Activision Blizzard.
Year-to-date, Horizon Therapeutics shares have declined slightly by under 1%, while Amgen’s stock has dropped approximately 2%, mirroring trends within the S&P 500 Healthcare sector.
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