Horizon Therapeutics shares climb after FTC pauses challenge of deal with Amgen

Shares of Horizon Therapeutics PLC
HZNP,
+5.61%
gained more than 5% premarket on Monday after the Federal Trade Commission last week paused its legal challenge to Amgen Inc.’s
AMGN,
-0.21%
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. An order from the FTC’s internal court dated Aug. 23 said the matter was withdrawn from adjudication until Sept. 18, “for the purpose of considering the proper resolution of this matter.” The FTC may be prioritizing a potential settlement with Amgen “that we believe increases the probability of closing” the Horizon acquisition, Oppenheimer analysts wrote in a note Sunday. Horizon shares are down 6.3% in the year to date. Amgen shares gained 0.5% premarket on Monday and are down 2.4% in the year to date, while the S&P 500
SPX,
+0.30%
has gained 14.8%.