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A $510M bolt-on for Krystexxa, the only FDA-approved biologic for chronic refractory gout, that grew into a $1.2B/year blockbuster and a marquee asset in Amgen's later $27.8B Horizon buyout. Horizon divested the secondary asset, Migergot, in 2019 at a modest loss.
Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Horizon — alongside peers like Valeant — has been criticized for a debt-fueled, acquisition-led growth model that often layers price increases onto older drugs…
The Crealta acquisition further diversifies our portfolio of medicines and aligns with our focus of acquiring value-enhancing, clinically differentiated,…
Horizon bought Crealta and its drug portfolio for $510 million; Savient had priced Krystexxa at $2,300 per injection, while Horizon later charged roughly…
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Horizon Pharma agreed to acquire Crealta Holdings (backed by GTCR) for $510M cash, adding Krystexxa, the only FDA-approved biologic for chronic refractory gout, plus Migergot. Closed January 13, 2016.
Assessment window: 5yr post-close.
Chronic refractory gout is a severe form of gout in which uric acid stays elevated and inflammatory flares persist despite maximum-dose oral urate-lowering therapy. It affects roughly 50,000 Americans, primarily older men with comorbidities (CKD, transplant, allopurinol intolerance), and produces tophi, joint destruction, and disabling chronic arthritis when uncontrolled.
First-line urate-lowering therapy is dominated by inexpensive oral xanthine oxidase inhibitors—allopurinol (generic) and Takeda's febuxostat (Uloric)—plus the uricosuric probenecid and adjunctive anti-inflammatories colchicine and Ironwood/AstraZeneca's lesinurad (Zurampic, since discontinued). Krystexxa (pegloticase) sits at the end of that ladder as the only FDA-approved biologic for chronic refractory gout, indicated when oral ULTs fail or are contraindicated. Its commercial ceiling has been limited by IV infusion logistics, anti-drug antibodies driving infusion reactions and loss of response, and a treated base of just 4,000-5,000 patients out of the ~50,000 US refractory population since 2010 approval. Horizon's thesis was that Crealta had under-promoted Krystexxa and that a 41-person rheumatology sales force, orphan-disease commercial muscle, and patent protection through 2027 could re-rate the asset—projecting $70-80M of net sales in year one. The deal repositions Krystexxa from a niche infusion biologic into Horizon's orphan/rare-disease engine and sets up the later methotrexate co-administration strategy that materially expanded durable response rates.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Horizon Pharma plc / Crealta Holdings LLC (this deal) | 2015 | $510M | 87 |
| Horizon Pharma plc / Hyperion Therapeutics, Inc. | 2015 | $1.1B | 79 |
| Horizon Pharma plc / Raptor Pharmaceutical Corp. | 2016 | $860M | 46 |
| Novartis AG / Chinook Therapeutics Inc. | 2023 | $3.5B | 78 |
| Ipsen S.A. / Memo Therapeutics AG | 2026 | $797M | 66 |
| Novartis AG / Regulus Therapeutics | 2025 | $1.7B | 62 |
| Eli Lilly and Company / Ascidian Therapeutics, Inc. | 2026 | $1.9B | 62 |
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