Why Horizon Therapeutics (HZNP) Shares Are Trading Higher Today

Amgen Inc AMGN has agreed to buy Horizon Therapeutics plc HZNP, implying an enterprise value of approximately $28.3 billion, marking the largest healthcare merger of the year.
The Wall Street Journal was the first to report on Sunday that Amgen is in advanced talks to buy Horizon.
Horizon confirmed its takeover talks with three large pharma companies in late November.
Last week, Johnson & Johnson's JNJ unit, Janssen, pulled out of the talks.
Sunday, Sanofi SA SNY said it couldn't agree on a price with Horizon.
Sanofi said, "as transaction price expectations do not meet our value creation criteria, Sanofi announces it is no longer in discussions with Horizon and does not intend to make an offer."
Earlier Sanofi said that if it ever bid for Horizon Therapeutics, it would do so in cash.
While acquiring Horizon would add a mixed portfolio of specialty drugs to Sanofi's roster, it would not address the French company's need to develop its drug pipeline and improve its productivity from research and development.
Acquiring Horizon could add about $4 billion in revenue for Amgen by 2024, Wall Street Journal reported citing Jefferies & Co.
Amgen also acquired ChemoCentryx Inc CCXI for $3.7 billion to gain access to a potential blockbuster treatment for inflammatory disorders.
Price Action: AMGN shares are down 2.56% at $271.50, and HZNP shares are up 14% at $111.00 during the premarket session on the last check Monday.

Two Down With Sanofi Bowing Out From Horizon Buyout Talks, Amgen Agrees To Buy For $116.5/Share