Biopharmaceutical business development professionals looked on uneasily this summer as the drama of the US Federal Trade Commission’s review of the proposed Amgen, Inc./Horizon Therapeutics plc merger led to Amgen pledging to not bundle Horizon products with its own, the FTC rejecting Amgen’s proposal and filing a lawsuit to block the merger, and then the parties agreeing to a settlement on 1 September in which Amgen signed a written commitment restricting bundling of Horizon’s top sellers – Tepezza (teprotumumab) and Krystexxa (pegloticase) – with its own products.
With the even-larger Pfizer Inc./Seagen Inc. merger still pending, the industry is wondering if the FTC/Amgen disagreement means a tougher environment going forward for biopharma M&A. The...
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