FT News Briefing US sues to block drug merger
May 17, 2023
The Federal Trade Commission is taking a strong stance against Amgen’s attempt to acquire Horizon Therapeutics for $28.3 billion, citing concerns over market consolidation. Meanwhile, Ukraine successfully fends off an unprecedented missile attack, showcasing its resilience. In Italy, the country struggles with bureaucratic hurdles in deploying €200 billion in EU COVID recovery funds, raising questions about the effectiveness of proposed projects and the risks to its economic future.
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FTC Sues to Block Pharma Merger
- The FTC is suing to block Amgen's acquisition of Horizon, marking its first challenge to a pharmaceutical merger in 10 years.
- The FTC is concerned Amgen could leverage Horizon's popular treatments and its own market power to manipulate drug prescription intermediaries.
Companies Respond to FTC Lawsuit
- Amgen and Horizon expressed disappointment with the FTC's decision and remain committed to the merger.
- Both companies plan to work with the courts, aiming to finalize the deal by mid-December.
Kyiv Missile Attack
- Kyiv experienced an intense missile attack, including hypersonic Kinjal missiles, early in the morning.
- Despite the advanced weaponry, Ukraine's air defense successfully intercepted six missiles and several drones.