Dublin’s High Court has cleared the way for Amgen’s $27.8 billion (€26.4 billion) takeover of Irish-based rare disease specialists Horizon Therapeutics.
The approval of a takeover scheme of arrangement by Mr Justice Michael Twomey is the last remaining clearance for the acquisition and comes 10 months after the deal was announced.
Horizon previously said the proposed transaction was expected to close shortly after the court’s order came into effect.
[ Amgen takeover of Horizon expected to close as FTC pauses challengeOpens in new window ]
The scheme, agreed between Horizon and its shareholders, required Irish court approval as the transaction is governed by Irish takeover rules.
Markets in Vienna or Christmas at The Shelbourne? 10 holiday escapes over the festive season
Ciara Mageean: ‘I just felt numb. It wasn’t even sadness, it was just emptiness’
Stealth sackings: why do employers fire staff for minor misdemeanours?
Carl and Gerty Cori: a Nobel Prizewinning husband and wife team
The deal was expected to close in the first half of 2023 but was delayed when the US antitrust regulator moved to block it over concerns it could limit competition for the development of treatments of serious illnesses.
The cost of climate change: ‘almost like driving another budget through public finances’
This was the first time in more than a decade that the Federal Trade Commission (FTC) moved to prevent an acquisition in the pharmaceutical sector. Amgen and the FTC reached an agreement to settle the lawsuit last month.
Confirming the takeover arrangement on Thursday, Mr Justice Twomey said he was satisfied Horizon had demonstrated it met five required criteria, including notifying interested parties.
There were no objections to the proposal, while shareholders making up 99.89 per cent of the company’s share value voted in favour of the scheme, said Horizon’s senior counsel, Brian Kennedy, appearing with Declan Murphy.
[ Smurfit Kappa eyes Irish market exit amid $19bn merger talksOpens in new window ]
Holders of ordinary Horizon shares will be entitled to receive $116.50 in cash for each share, he said.
US-based Amgen won out in a three-way tussle with Sanofi and Johnson & Johnson when it last December announced what was the biggest pharmaceutical deal of the year.
Amgen said the potential new medicines in Horizon’s pipeline “strongly complement” its existing research and development portfolio.
The company’s move on Horizon came shortly after the Dublin-headquartered group had established its first in-house manufacturing facility with the takeover of Eirgen’s Waterford plant in a $65 million deal.
The firm, which employs close to 200 people here, opened a new corporate headquarters on Dublin’s St Stephen’s Green earlier in 2022. It announced a six-year sponsorship of the Irish Open, rumoured to be worth in the region of €50 million, running up to Ireland’s next hosting of the Ryder Cup at Adare Manor in 2027.
Amgen employs 450 people in Ireland at its plant in Dublin.
