© Reuters. FILE PHOTO: An Amgen sign is seen at the company’s office in South San Francisco, California October 21, 2013. The biopharmaceutical company reports earnings on Tuesday. REUTERS/Robert Galbraith/File Photo
(Reuters) – Amgen Inc (NASDAQ:) is set to buy biotech firm Horizon Therapeutics (NASDAQ:) Plc at a valuation of about $26 billion in what would be its largest acquisition, Bloomberg News reported on Monday.
The U.S. biotechnology company has offered about $116.5 for each Horizon share, according to the report, citing a person familiar with the matter. The offer is at about a 20% premium to Horizon’s closing price of $97.29 on Friday.
The report comes after French health group Sanofi (NASDAQ:) said on Sunday that it no longer intends to make an offer for Horizon.
Last month, Horizon Therapeutics – which has a market capitalization of about $22 billion – had said it was in talks with Amgen Inc, Sanofi and Johnson & Johnson (NYSE:)’s Janssen Global Services unit, all three of whom have been active in deal-making this year.
Amgen and Horizon did not immediately respond to Reuters’ requests for comments.
Janssen also pulled out of the race last week, saying that it does not intend to make an offer for Horizon.
The Wall Street Journal first reported on Sunday that Amgen is in advanced talks to buy Horizon.
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