Pharmaceutical giant sells for $26.4 billion

American biotech company Amgen Inc announced it will acquire Dublin-based Horizon Therapeutics Plc, which makes drugs against rare diseases, for $26.4 billion.

As part of its largest deal to date, Amgen will gain access to Tepezza, which sells more than $1 billion worldwide for thyroid eye disease.

Amgen will pay $116.50 in cash for each Horizon share. This amount is about 20 percent higher than the last closing price of the company’s shares.

WE WILL ADD APPROVED MEDICINES TO YOUR PORTFOLIO

With this agreement, Amgen will add several approved drugs to its portfolio. This acquisition could help Amgen offset the impact of increased competition for its best-selling arthritis drug, Enbrel.

Enbrel’s sales have fallen over the past four quarters, falling 14 percent in the third quarter to $1.1 billion. Horizon’s shares rose 14.4% to $111.37 in premarket trading.

With the proposal in question, Horizon’s valuation will be $28.3 billion, including debts. (Reuters)