California, others join FTC challenge of Amgen deal to buy Horizon Therapeutics

California Attorney General Rob Bonta announced joining the Biden Administration in a legal effort to block Amgen (AMGN) from purchasing Horizon Therapeutics (HZNP). “In challenging the $28 billion acquisition, the Federal Trade Commission (FTC) alleges that the proposed acquisition raises significant anti-competitive concerns. This is the FTC’s first ever challenge of a pharmaceutical merger. Today, the California Department of Justice, which has for years called on the federal government to enforce competition laws more aggressively, welcomed and joined the lawsuit. DOJ believes that the proposed merger would allow Amgen to virtually monopolize the market for certain crucial medications, and would reduce affordability, access, and choice of drugs for California’s most vulnerable patients,” the AG stated. In addition to California, New York, Illinois, Wisconsin, Minnesota and Washington state also joined the FTC’s lawsuit to block the combination on antitrust grounds.