Horizon Therapeutics (HZNP) jumps after confirming takeover talks with 3 parties

November 29, 2022 5:23 PM EST

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Shares of Horizon Therapeutics (NASDAQ: HZNP) surged over 30% after-hours Tuesday after the company confirmed that it was in "highly preliminary" takeover talks with Amgen Inc. (NYSE: AMGN), Janssen Global Services, LLC (NYSE: JNJ) and Sanofi (NYSE: SNY).

The confirmation followed shortly after a Wall Street Journal article reported that the biopharma company was fielding takeover interest from large pharmaceutical companies. The Journal story added that with a typical takeover premium it could fetch a price well over $20 billion in a deal.

Horizon said the talks with the three parties "may or may not lead to an offer being made for the entire share capital of the Company."

The company was forced to make the disclosure in accordance with Rule 2.6 of the Irish Takeover Rules, where it is based.

By Staff

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