Why Horizon Therapeutics (HZNP) Shares Are Trading Higher Today

Horizon Therapeutics Plc HZNP confirmed it's engaged in preliminary talks with Amgen Inc AMGN, Janssen Global Service, and Sanofi SA SNY on potential takeover offers for the company.
According to a statement, there is no certainty that an offer for the company will be made. Under Irish law, each possible acquirer has until 5 p.m. New York Time on Jan. 10 to either make an offer or decide not to submit a bid.
Also Read: Horizon Therapeutics Does Not Have Meaningful Upside, Analyst Initiating Coverage Says.
The Horizon confirmation comes after the WSJ reported that the company is garnering takeover interest from large pharmaceutical companies.
A deal for Horizon would be big. The company had a market value of almost $18 billion as of the close of trading Tuesday and could fetch a price well over $20 billion with a typical takeover premium.
Earlier this month, Horizon increased its full-year 2022 net sales guidance to $3.59-$3.61 billion, compared to the previous guidance of $3.53-$3.60 billion.
Price Action: HZNP shares are up 31.5% at $103.60 during the premarket session on the last check Wednesday.

Horizon Therapeutics Shares Jump On Confirmation Of Takeover Talks With Several Large Companies