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The FTC had filed a lawsuit in May seeking to block the acquisition, arguing that the deal would "stifle competition" in the pharmaceutical industry.
Major pharmaceutical companies including Johnson & Johnson NYSE: JNJ, Novartis AG NYSE: NVS, Bristol-Myers Squibb (NYSE: BMY), Merck & Co., Inc. NYSE: MRK, Eli Lilly & Co. NYSE: LLY and Amgen Inc. NASDAQ: AMGN were trading normally following news that their drugs would be subject to next year's Medicare price negotiations.
Biotech stocks have underperformed the broad market since May, when the Federal Trade Commission moved to block Amgen's proposed acquisition of Horizon Therapeutics. The FTC was aiming to prevent Amgen from stifling potential competition for two of Horizon Therapeutics' drugs.
The FTC's lawsuit against Amgen-Horizon deal is based on unprecedented speculative concerns and would have cleared months ago if it followed well-established precedent.
The Federal Trade Commission suspends its ongoing lawsuit to block Horizon's (HZNP) acquisition by Amgen until Sep 18, 2023. The company's stock rises 5.8% in response.
Horizon Therapeutics (HZNP) shares jumped more than 5.5% in early trading Monday after the FTC said it would suspend its challenge to Amgen's (AMGN) acquisition of the drug maker.
Shares of Horizon Therapeutics PLC HZNP, +0.31% gained more than 5% premarket on Monday after the Federal Trade Commission last week paused its legal challenge to Amgen Inc.'s AMGN, -0.09% deal to acquire the biotech company for $27.8 billion. The FTC sued to block the acquisition in May, saying the deal would let Amgen “entrench the monopoly positions” of Horizon treatments for two serious medical conditions.
The U.S. Federal Trade Commission (FTC) has suspended its challenge of Amgen's $27.8 billion purchase of Horizon Therapeutics , allowing the FTC to consider whether the agency should settle the case, a filing late on Friday showed.
The move gives the agency time to weigh a settlement that would allow the deal to close with conditions.
The U.S. stock market has been rattled by a range of events and yet sits within 7% of an all-time high. Along the way, however, many publicly traded companies have gone bankrupt or been delisted.