Pharma BD Deal Intelligence
A $53-per-share, ~$3.05B cash tender offer that gave Horizon Therapeutics its first approved autoimmune drug, Uplizna, plus a mid-stage pipeline—though Horizon itself sold to Amgen for $27.8B just two and a half years later, folding Uplizna into someone else's rare-disease portfolio.
Horizon Therapeutics augments its rare disease portfolio with the $3.05 billion Viela Bio buy, adding Uplizna and a pipeline of biologic candidates targeting…
Horizon Therapeutics to expand pipeline and R&D capabilities with the $3 billion Viela Bio acquisition, strengthening its position in rare disease alongside…
Horizon acquired Viela Bio for $3.5B.
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Horizon Therapeutics plc agreed on February 1, 2021 to acquire Viela Bio, Inc. for $53.00 per share in cash, a fully diluted equity value of approximately $3.05 billion (about $2.67 billion net of Viela's cash and equivalents). The deal closed March 15, 2021 via tender offer and merger after holders of ~94% of shares tendered. Viela, a 2018 MedImmune/AstraZeneca spinout, brought Horizon its first approved autoimmune medicine, Uplizna (inebilizumab) for neuromyelitis optica spectrum disorder (NMOSD), plus a clinical pipeline (VIB7734/daxdilimab, VIB4920/dazodalibep) and a Uplizna expansion program in myasthenia gravis. AstraZeneca, holding ~26.7% of Viela, netted roughly $760-780 million. Horizon itself was later acquired by Amgen, which completed its ~$27.8 billion purchase on October 6, 2023, folding Uplizna into Amgen's rare-disease portfolio.
15K US cases/yr · $800M US NMOSD Market (2024)
NMOSD is a rare autoimmune disorder causing inflammation of the optic nerves and spinal cord. AQP4-IgG antibodies drive most cases. Treatment aims to prevent relapses, which can cause permanent vision loss and paralysis. The market has rapidly evolved with three FDA-approved therapies since 2019.
Approved therapies include Uplizna (inebilizumab), Soliris (eculizumab), and Enspryng (satralizumab). Uplizna targets CD19+ B cells, while competitors target complement (C5) and IL-6 pathways. First-line steroids and immunosuppressants remain backbone therapy.
Horizon Therapeutics completed its ~$3.05B ($53.00/share) acquisition of Viela Bio, gaining Uplizna (inebilizumab) for neuromyelitis optica spectrum disorder.
Amgen completed its ~$27.8B ($116.50/share) acquisition of Horizon Therapeutics on October 6, 2023 (after an FTC challenge settled in Sept 2023), folding Uplizna and the former Viela assets into Amgen's rare-disease portfolio.
Uplizna contributed to Horizon's rare disease portfolio value ultimately captured when Amgen acquired Horizon for $28B. Standalone ROI amplified through rollup.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Horizon Therapeutics plc / Viela Bio Inc. (this deal) | 2021 | $3.0B | 71 |
| Amgen Inc. / Immunex Corporation | 2002 | $16.0B | 92 |
| PerkinElmer, Inc. / EUROIMMUN Medizinische Labordiagnostika AG | 2017 | $1.3B | 88 |
| Vertex Pharmaceuticals Incorporated / Alpine Immune Sciences | 2024 | $4.9B | 78 |
| Roche Holding AG / Genentech, Inc. (Roche Group) | 2009 | $46.8B | 72 |
| Travere Therapeutics, Inc. / Everest Medicines Limited | 2026 | $1.1B | 72 |
| Amgen Inc. / Horizon Therapeutics plc | 2022 | $27.8B | 72 |
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