Horizon Therapeutics (NASDAQ: HZNP) soared Wednesday after the drug maker said it was in preliminary talks about a possible sale with several large pharma companies, including Amgen (NASDAQ:AMGN), Sanofi (NASDAQ: SNY) and Johnson & Johnson’s (NYSE:JNJ) Janssen Global Services unit.
The board of the company confirmed the talks, which may or may not lead to an offer being made for the entire share capital of the Company.
There can be no certainty that any offer will be made for the Company.
According to Tuesday's news release, "In accordance with Rule 2.6 of the Irish Takeover Rules, each of the Possible Offerors is required, no later than 5:00 pm (New York time) on Jan. 10, 2023, to either (i) announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Irish Takeover Rules; or (ii) announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. This deadline will only be extended with the consent of the Irish Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules, at the request of the Company."
Horizon Therapeutics plc is focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases.
HZNP shares galloped $21.33, or 27.1%, to $100.09.
