Dec 12 (Reuters) – Amgen Inc (AMGN.O) on Monday agreed to buy Horizon Therapeutics Plc (HZNP.O) in a deal valued at $27.8 billion, fortifying its rare diseases portfolio amid pressure on its top-selling products and marking the biggest buyout in the sector this year.
The company will pay $116.50 in cash, a premium of nearly 20% to the stock’s last close, for each Horizon share held.
Horizon’s shares jumped 14.5% in early trading. They had climbed 23.5% through Friday since the company disclosed in late November it was in preliminary talks with Amgen, Sanofi (SASY.PA) and Johnson & Johnson (JNJ.N) for potential offers.
Amgen gains several approved drugs through the deal, a bulwark against rising competition for its blockbuster arthritis drug, Enbrel, from newer treatments. Enbrel and other key drugs in its portfolio, such as psoriasis therapy Otezla, also face loss of patents over the next few years.
“The offer clearly brings in a number…