Horizon Stock Drops On FTC Lawsuit Threat

Horizon Therapeutics experienced a significant drop of over 17% in its stock price during early trading on Tuesday following reports that the Federal Trade Commission is preparing to file a lawsuit to block the biotech company's $27.8 billion sale to Amgen. Both Amgen and Horizon Therapeutics revealed in February that they had received a second request for information from the FTC regarding the acquisition, which was part of the agency's review process for the deal. Amgen aimed to enhance its drug portfolio, particularly in light of upcoming patent expirations for crucial treatments over the next decade. Horizon Therapeutics, known for its treatments targeting rare, autoimmune, and severe inflammatory diseases, would contribute valuable drugs to Amgen's offerings.