This decision potentially provides Amgen with a portfolio of drugs shielded from fresh pricing negotiations and possible tax relief benefits.

This move hints at the FTC's hesitation, doubting a court would back its view of Amgen's potential undue advantage in "bundling" drug negotiations with insurance firms. 

Abiel Garcia, a former deputy attorney general specializing in antitrust matters in California, commented on the possible apprehension of establishing new precedents in such cases.

Previously, the case was queued for review by U.S. District Judge John Kness, a nominee of ex-President Donald Trump. Garcia believes recent court decisions might be making federal antitrust watchdogs rethink their stands. 

Amgen's Horizon deal is notable as it's the first biotech merger contested post the initiation of the FTC's 2021 pharma merger task force. 

This move aims to address growing concerns about pharma industry consolidation.

Furthermore, the IRA might catalyze more pharma mergers as bigger companies aim to minimize Medicare exposure, opines Jefferies analyst Michael Yee. 

This could be an added incentive for Amgen, said Cowen's analyst.

Price Action: AMGN shares are down 0.73% at $254.83 on the last check Tuesday.