Why Horizon Therapeutics Stock Is Soaring Today
Shares of Horizon Therapeutics (NASDAQ: HZNP) were soaring 14.8% higher as of 10:51 a.m. ET on Monday. The nice gain came after the company announced that Amgen (NASDAQ: AMGN) plans to acquire Horizon in a deal that values the smaller drugmaker at $27.8 billion.
This news wasn't exactly a surprise. Horizon revealed a couple of weeks ago that it was in preliminary discussions with Amgen, Johnson & Johnson, and Sanofi about potentially being acquired.
What wasn't known then, though, was what the price tag of any deal might be. Investors are understandably pleased with the $116.50 per share Amgen plans to pay. It represents a premium of 47.9% above Horizon's closing price on Nov. 29 -- the day before the company announced acquisition discussions. It also reflects a premium of 19.7% above Horizon's closing price on Friday, Dec. 9.
Source Fool.com
