Pharma BD Deal Intelligence
Amgen's $27.8B bet on rare inflammatory disease paid off: Tepezza, Krystexxa, and Uplizna gave it a differentiated specialty portfolio it lacked, and the deal cleared an FTC challenge via a September 2023 consent order rather than getting blocked outright.
Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Horizon Therapeutics plc filed a Solicitation/Recommendation Statement on Schedule 14D-9 in connection with the Transaction Agreement dated December 11,…
Amgen completes $28B Horizon buyout that was challenged by FTC. Amgen closed its $27.8 billion acquisition of Horizon Therapeutics, completing the largest…
Amgen FY2024 product sales: TEPEZZA $1,851M, KRYSTEXXA $1,185M, UPLIZNA $379M, TAVNEOS $283M (acquired Horizon portfolio total $3,698M), first full year under…
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Amgen acquired Horizon Therapeutics for approximately $27.8 billion ($116.50 per share in cash), gaining a portfolio of rare inflammatory disease medicines led by Tepezza (thyroid eye disease), Krystexxa (chronic refractory gout), and Uplizna (NMOSD). The deal overcame an FTC challenge resolved via consent order in September 2023.
90K US cases/yr · $3M 2024 gout market
Krystexxa (pegloticase) with immunomodulation co-therapy improving response
Pegloticase (Krystexxa) with immunomodulation is the standard for refractory gout unresponsive to conventional urate-lowering therapy. Horizon Therapeutics (now Amgen) dominates. Key differentiators include infusion center access and payer coverage of co-therapy protocols.
15K US cases/yr · $4M 2024 TED market
First FDA-approved treatment; Tepezza (teprotumumab) is anti-IGF-1R antibody
Tepezza (teprotumumab, Amgen) dominates as the only FDA-approved TED treatment. Viridian's VRDN-001 and other anti-IGF-1R antibodies are in development. Ophthalmologist and endocrinologist adoption, infusion access, and payer prior authorization are key commercial barriers.
Amgen agrees to acquire Horizon Therapeutics at $116.50/share to gain Tepezza (thyroid eye disease) and Krystexxa (chronic gout), its largest-ever deal.
Federal Trade Commission files complaint in Northern District of Illinois alleging Amgen could leverage its portfolio to entrench Tepezza and Krystexxa monopolies.
European Commission grants unconditional clearance for the Horizon acquisition after reviewing competitive dynamics in rare-disease markets.
Amgen agrees to consent order prohibiting bundling or tying of Tepezza/Krystexxa with other portfolio products, resolving FTC lawsuit and clearing U.S. regulatory path.
Amgen completes the $27.8B acquisition of Horizon Therapeutics after 10-month regulatory process, adding Tepezza ($1.96B 2022 revenue) to its rare-disease portfolio.
FTC commissioners vote to approve final consent order with anti-bundling conditions on Tepezza and Krystexxa, setting precedent for pharma portfolio leverage scrutiny.
Full-year 2024 Tepezza revenue reaches $1.9B, recovering from post-acquisition dip of $1.77B in 2023; Amgen invests in chronic TED dosing expansion.
First full year under Amgen: Tepezza $1,851M, Krystexxa $1,185M, Uplizna $379M, Tavneos $283M; acquired Horizon portfolio totaled $3,698M, roughly flat-to-modest growth vs the ~$3.63B target LTM revenue at deal.
Amgen gained a durable rare-disease franchise but paid full price at 13x revenue. FTC consent order limits portfolio leverage strategy. Tepezza growth has been slower than projected, though the asset provides diversification away from biosimilar-exposed products.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Amgen Inc. / Horizon Therapeutics plc (this deal) | 2022 | $27.8B | 72 |
| Amgen Inc. / Immunex Corporation | 2002 | $16.0B | 92 |
| Amgen Inc. / Immunex Corporation | 2001 | $16.0B | 91 |
| Amgen Inc. / Micromet Inc. | 2012 | $1.2B | 88 |
| Amgen Inc. / Five Prime Therapeutics | 2021 | $1.9B | 78 |
| Amgen Inc. / Otezla (from Celgene/BMS) | 2019 | $13.4B | 68 |
| Amgen Inc. / BeiGene Ltd. | 2020 | $2.8B | 68 |
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