Horizon Therapeutics

Irish tax-registered pharmaceutical

Horizon Therapeutics plc

Formerly| Horizon Pharma plc
Company type| Subsidiary

Traded as

| Nasdaq: HZNP
Industry| Pharmaceutical
Founded| 2005; 20 years ago (2005)[1]
Headquarters|

* (Legal) Dublin, Ireland
* (Operational) Lake Forest (Chicago), Illinois, U.S.

Key people

| Timothy P. Walbert (chairman, president & CEO)

Paul W. Hoelscher (CFO)
Andy Pasternak (CBO)

Jeffrey W. Sherman, M.D. (CMO)
Revenue|  US$3.63 billion (2022)

Operating income

|  US$617 million (2022)

Net income

|  US$521 million (2022)
Total assets|  US$9.11 billion (2022)
Total equity|  US$5.07 billion (2022)

Number of employees

| 2,115 (2022)
Parent| Amgen
Website| horizontherapeutics.com
Footnotes / references
[2]

Horizon Therapeutics plc was a biopharmaceutical company focused on researching, developing, and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases.[3] Horizon primarily markets products in the United States, which represented 97% of Horizon's 2019 worldwide sales.[4] Amgen acquired the company in October 2023.[5]

## History

[edit]

Horizon Therapeutics was founded in 2005 in Illinois focused on the development of Duexa, a formulation of ibuprofen combined with famotidine. Nitec Pharma AG was founded in Switzerland in 2004 as a spin-off from Merck KGaA.[6] In 2010, Horizon and Nitec merged to form a combined company Horizon Pharma Inc. to be led by Timotyh Walbert to support the launch of Lodotra and Duexa.[7]. Horizon IPOed in 2011 raising $49.5 million.[8][9][10]

In 2014, Horizon executed a tax inversion to move its legal headquarters to Ireland to avail itself of Ireland's low tax rates and beneficial corporate tax system.[11][12]

In October 2014, the company acquired the US sales and marketing rights to the osteoarthritis drug Pennsaid from Nuvo Research for $45 million.[13]

In March 2015, the company acquired Hyperion Therapeutics for $1.1 billion, increasing Horizon's orphan disease drug portfolio.[14] In December, the company acquired Crealta Holdings for $510 million.[15]

In September 2016, the company announced the acquisition of Raptor Pharmaceutical for $800 million, adding Procysbi and Quinsair to its rare drug portfolio.[16]

In 2017, Horizon announced its intention to acquire River Vision Development Corp for $145 million and to continue the development of teprotumumab.[17]

On May 2, 2019, shareholders of the company approved the change of the company's name from Horizon Pharma plc to Horizon Therapeutics plc.[18]

In January 2020 – after showing very strong PhIII data – it was approved for the treatment of thyroid eye disease (TED), a rare vision-threatening disease that previously had no FDA-approved treatment options.[19] Horizon believed it could reach $1 billion peak sales in the US alone.

In February 2021, the business announced it would acquire Viela Bio Inc for around $3 billion ($53 per share).[20][21]

In December 2022, the company announced it would be acquired by Amgen for $27.8 billion ($116.50 in cash for each Horizon share, a 20% premium).[22] The company was reportedly the center of a bidding war between Amgen, Johnson & Johnson and Sanofi.[23] In May 2023, the Federal Trade Commission said it would sue to block the deal in an attempt to control drug prices.[22][24][25] The acquisition was completed in October 2023 after mutually resolving the litigation.[5]

Horizon Therapeutics sales by region (2017)[4] Region  | Sales ($ m)  | Distribution (%)

|
|

U.S. | 1,026.527 | 97
Rest of World | 29.704 | 3
Total | 1,056.231 | 100

## Activity

[edit]

The company has cooperated with American Gastroenterological Association (AGA) Institute to launch a program named "Connect to Protect" which aims to help physicians and patients better understand non-steroidal anti-inflammatory drug (NSAID) risks. The program is planned to promote communications between physicians and patients about NSAIDs and gastrointestinal ulcers.[26]

In 2016, the company became a member of the Pharmaceutical Research and Manufacturers of America (PhRMA).[27]

## Operations and locations

[edit]

In March 2014, the company executed a corporate tax inversion to Ireland by acquiring Irish–based Vidara Therapeutics International for $660 million.[28] While Horizon's main operations and sales remained in the U.S., Horizon moved their "legal" headquarters to Ireland to avoid U.S. taxes.[29] In July 2015, the Wall Street Journal noted that Horizon were using their lower Irish corporate tax rate to acquire further U.S.–based life sciences firms (i.e. Horizon could afford to pay more).[30]

In early 2022, the company signed a lease on a large research and development facility in Rockville, Maryland.

It is also expanding its development and manufacturing facility in Waterford (Ireland) for the production of rare disease biologics and drugs still in development.[31]

## Therapeutic areas

[edit]

Horizon's drug portfolio is focused on treatments for thyroid eye disease (TED), gout, rare diseases, and inflammatory diseases.[32] Horizon's portfolio includes Tepezza[23] (teprotumumab), Krystexxa (pegloticase), Actimmune (interferon gamma), Duexis (ibuprofen + famotidine), Pennsaid (diclofenac, 2% topical), Rayos/Lodotra (prednisone), Vimovo (naproxen/esomeprazole magnesium), Buphenyl (sodium phenylbutyrate), Procysbi (cysteamine bitartrate), and Ravicti (glycerol phenylbutyrate).[33]

## Products

[edit]

The company's lead product base includes Krystexxa, Duexis and Rayos. Outside the United States, Rayos is also known as Lodotra.[34]

## See also

[edit]

* Corporate tax inversions
* Ireland as a tax haven

## References

[edit]

1. ^ "US Biopharma Firm Amgen To Acquire Horizon Therapeutics For $28 Bn". Barron's. Agence France-Presse. 12 December 2022.
2. ^ "Horizon Therapeutics Public Ltd Co 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 1 March 2023.
3. ^ "Amgen to buy Horizon Therapeutics in $26.4 billion deal". CNBC. Associated Press. 12 December 2022. Retrieved 18 June 2023.
4. ^ a b "SEC Form 10-K: Horion Pharma public limited company". Securities and Exchange Commission. p. 89\. "Results of Operations: Net Sales"
5. ^ a b "Amgen completes $27.8 billion Horizon deal". Reuters. 6 October 2023.
6. ^ "Nitec Pharma secures $10M investment". www.thepharmaletter.com.
7. ^ "Horizon Therapeutics Said Near Deal to Buy Nitec". Bloomberg.
8. ^ "Horizon Pharma, Inc. Announces Pricing of Its Initial Public Offering". BioSpace. 28 July 2011.
9. ^ Carroll, John (4 August 2010). "Horizon Pharma braves a chilly market with $86M IPO | Fierce Biotech". www.fiercebiotech.com.
10. ^ Allen, Arthur (13 April 2023). "The Drug Company That Prospered Without Creating Any Drugs". KFF Health News.
11. ^ "Tracking Tax Runaways". Bloomberg News. 1 March 2017. "Bloomberg Special Reports: Corporate Tax Inversions"
12. ^ Vanessa Houlder; Vincent Boland; James Politi (29 April 2014). "Tax avoidance: The Irish inversion". Financial Times.
13. ^ "Horizon Pharma Picks Up Nuvo's Osteoarthritis Pain Drug Pennsaid 2% – GEN News Highlights – GEN". GEN.
14. ^ "Horizon Pharma to Acquire Hyperion Therapeutics for $1.1B". GEN. 30 March 2015.
15. ^ "Horizon Pharma Buys Crealta Holdings for $510M". GEN. 11 December 2015. Retrieved 30 April 2016.
16. ^ "Horizon Pharma to Acquire Raptor for $800M – GEN". GEN. 12 September 2016. Retrieved 26 August 2017.
17. ^ "BRIEF-Horizon Pharma Plc to acquire River Vision Development Corp". Reuters. 8 May 2017. Retrieved 26 August 2017.
18. ^ "SEC Form 8-K: Horizon Therapeutics plc". 2 May 2019.
19. ^ "FDA Approves TEPEZZA (TM) (teprotumumab-trbw) for the Treatment of Thyroid Eye Disease (TED)". Horizon Therapeutics. 21 January 2020. Retrieved 30 January 2020.
20. ^ "Horizon Therapeutics boosts rare-disease portfolio with $3.05 billion Viela buy". Reuters. February 2021.
21. ^ Schere, Dan (6 January 2022). "Biopharmaceutical company signs lease for research and development facility in Rockville". Bethesda Beat. Retrieved 7 January 2022.
22. ^ a b Mishra, Manas; Satija, Bhanvi (12 December 2022). "Amgen dives deeper into rare disease drugs with $27.8 bln Horizon deal". Reuters.
23. ^ a b Kansteiner, Fraiser (2022-12-12). "Buyout on Horizon: Amgen floats $28B offer for rare disease drug maker as Sanofi exits bidding war". Fierce Pharma. Retrieved 2023-01-26.
24. ^ Gilbert, Daniel (16 May 2023). "FTC sues to stop drugmaker Amgen from completing $27.8 billion deal". Washington Post. Retrieved 17 May 2023.
25. ^ Constantino, Annika Kim (2023-05-16). "FTC sues to block Amgen acquisition of Horizon Therapeutics". CNBC. Retrieved 2023-05-17.
26. ^ "Program introduction". ConnectToProtect.com. Retrieved 21 March 2014.
27. ^ "Teva wins controversial PhRMA bid despite protests from branded rivals – FiercePharma". www.FiercePharma.com. Retrieved 26 August 2017.
28. ^ "Horizon Pharma to Acquire Vidara Therapeutics International". Finance.yahoo.com. 19 March 2014. Retrieved 22 March 2014.
29. ^ Rubin, Ben Fox (19 March 2014). "Horizon Pharma to Acquire Vidara in $660 Million Deal". Wall Street Journal. "Horizon Pharma Inc (NDAQ:HZNP) agreed to acquire Vidara Therapeutics Inc. in a cash-and-stock deal valued at about $660 million, as the specialty pharmaceutical company sought to expand its range of products. As part of the merger, the combined company will be named Horizon Pharma PLC and will be organized under the laws of Ireland. Horizon's current shareholders will own 74% of the merged company, and Vidara's shareholders will own about 26% of the company and receive $200 million in cash."
30. ^ Liz Hoffman (7 July 2015). "The Tax Inversion Wave Keeps Rolling". Wall Street Journal. "Horizon and other inverted companies are using their new, lower tax rates to turbocharge corporate takeovers. Applying those rates, often in the midteens, to profits of companies in the U.S., with a federal corporate rate of 35%, can yield extra savings on top of those traditionally wrung from mergers. Moreover, unlike the U.S., Ireland and most other countries, only tax profits earned in-country, giving companies the freedom and incentive to shift income to still-lower-tax jurisdictions."
31. ^ Kansteiner, Fraiser (2022-08-29). "Horizon charts massive biologics expansion in Ireland, where it'll add 350 new jobs". Retrieved 2023-05-31.
32. ^ "Horizon Therapeutics website: Our Portfolio page". Retrieved 15 May 2020.
33. ^ "Horizon Therapeutics website: Our Portfolio page". Retrieved 15 May 2020.
34. ^ "Marketwatch of Horizon Pharma Inc". Marketwatch.com. Retrieved 21 March 2014.

## External links

[edit]

* Official website

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