Monday, May 29, 2023

US seeks to block Macro buy of Amgen’s Horizon due to monopoly risk

The competition authority in the US wants to cripple the purchase of biopharmaceutical company Horizon by its American rival Amgen to prevent monopolistic practices, which is highly unusual in the pharmaceutical industry, it became known on Tuesday.

The Federal Trade Commission (FTC) wants to block biopharmaceutical giant Amgen from acquiring Horizon Therapeutics, the $27,800 million (25,573 million euro) purchase it announced last December, noting that the operation amounts to a monopoly in some Strengthening the position will make it possible. Medicines for the treatment of two serious diseases, namely thyroid eye disease and chronic refractory gout., collects Europa Press.

Thus far, the FTC has filed a lawsuit in federal court to block the transaction, alleging that it allows Amgen to use its blockbuster strategy to pressure insurance companies and distributors to favor two monopoly products. Will allow to use the discount on medicines. Thyroid eye disease, and Crystexxa, used to treat chronic refractory gout.

According to the American observer, this is the first time in recent history that the FTC has attempted to block a pharmaceutical merger. “Massive consolidation in the pharmaceutical industry has allowed powerful companies to skyrocket prescription drug prices, denied patients access to more affordable generics and hindered innovation in life-saving markets,” he said. Is.” Vedova, director of the FTC’s Office of Competition, Hol.

Horizon Therapeutics shares sank nearly 16% on the New York Stock Exchange following the FTC’s announcement, while Amgen’s share price dropped just under 1%.

Nation World News Desk
Nation World News Desk
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