The Federal Trade Commission pulled back one of its efforts to block Amgen's (AMGN) $28 billion acquisition of Horizon Therapeutics (HZNP), according to a document released late Friday that sent HZNP stock flying.
In after-hours trading on today's stock market, Horizon stock jumped 5.5% near 112.70. Amgen shares remained flat after losing a fraction during the regular session.
According to an FTC document, the regulator withdrew its request for an in-house trial related to its challenge of Amgen's takeover of Horizon. Last month, a judge urged the antitrust regulator and the companies to discuss a settlement.
There's still an evidentiary hearing on deck in three weeks.
"If a resolution of this matter can be achieved, time is of the essence to avoid unnecessary expenditures of resources related to litigation," the FTC's attorneys wrote in their document.
The move is promising for Amgen's plan to buy Horizon. Horizon Therapeutics makes Tepezza and Krystexxa, the only treatments for thyroid eye disease and chronic gout on the market today. The FTC has said it believes Amgen could use its weight to create a strong monopoly for the two products.
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