What's Going On With Amgen Stock Today?

Amgen Inc AMGN shares are trading lower Monday after the company announced it will acquire Horizon Therapeutics HZNP for $27.8 billion.

What To Know: Pillartree Limited, a newly formed private limited company wholly owned by Amgen, is set to acquire Horizon for $116.50 per share in cash. 

"The potential new medicines in Horizon's pipeline strongly complement our own R&D portfolio. The acquisition of Horizon will drive growth in Amgen's revenue and non-GAAP EPS and is expected to be accretive from 2024," said Robert Bradway, chairman and CEO of Amgen.

Check This Out: Two Down With Sanofi Bowing Out From Horizon Buyout Talks, Amgen Agrees To Buy For $116.5/Share

The acquisition will be implemented by way of an Irish High Court-sanctioned scheme of arrangement. The Scheme Document, containing further information about the acquisition including the expected timetable for completion is expected to be declared effective in the first half of 2023. 

Amgen is a biotechnology company committed to unlocking the potential of biology for patients suffering from serious illnesses by discovering, developing, manufacturing and delivering innovative human therapeutics.

See Also: Why Tonix Pharmaceuticals Stock Is Rocketing Higher Today

AMGN Price Action: Amgen has a 52-week high of $296.67 and a 52-week low of $209.

The stock was down 1.37% at $274.83 at time of publication, according to Benzinga Pro.

Photo: Tatiana from Pixabay.