This company might be acquired by one of three large pharmaceutical companies

As of 10:48 a.m., shares of Horizon Therapeutics Public Limited Company (HZNP) were up 27.2% on Wednesday, ET.
 
HUNG HOM, Hong Kong - Jan. 25, 2023 - PRLog -- The large surge occurred after the business stated Thursday evening that it is in talks to be bought by Amgen Inc. (AMGN), Johnson & Johnson (JNJ) subsidiary Janssen and Sanofi (SNY).

HZNP disclosed that the company is in exploratory talks to be bought.

AMGN, J&J and SNY have until January 10, 2023, to submit an offer.

However, there is no assurance that any of the major corporations will seek a transaction.

Biotech stocks almost usually surge when a prospective purchase is announced. HZNP's large gain today may be putting the wagon before the horse.

Investors should take note of two words in HZNP's news release: "very preliminary." This is how the firm defined its negotiations with AMGN, JNJ and SNY. "There can be no confidence that any bid will be made for the firm," HZNP stated.

Investors have no clue what the price tag for a deal may be because no offer has been made. HZNP on the other hand, may gain if the three possible suitors engage in a bidding war.

It's hardly unexpected that AMGM, JNJ and SNY are all interested in HZNP. The firm presently sells eight medications. Tepezza, a thyroid eye disease treatment which is already a hit. HZNP believes that Krystexxa, a chronic gout medication, has a peak U.S. sales potential of more over $1.5 billion.

HZNP noted in a news statement that by 5 p.m., each of the three major drugmakers must either publish a takeover bid or announce a decision not to make an offer. ET on January 10, 2023 It is possible that this deadline will be extended, but only with the approval of the Irish Takeover Panel.

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