The timing of the Financial Times Pharma & Biotech Summit in New York City on 16-17 May coincided with the breaking news that the US Federal Trade Commission will attempt to block Amgen, Inc.s $27.8bn acquisition of Horizon Therapeutics plc. Thus, the meeting provided an excellent platform for industry leaders to discuss the potential implications of the regulatory action and consider what it could mean for future M&A, a critical lifeline for biotech investment and large pharma innovation.
Amgen CEO Robert Bradway was one of the headliners, scheduled to discuss patient access to innovative medicines one day after the announcement. The FTC revealed on 16 May that it would sue to block the company’s planned acquisition of Horizon on unusual grounds that the merger would give Amgen more power to block competition by bundling rebates for key drugs in negotiations with pharmacy benefit managers