Horizon Therapeutics fields takeover interest from multiple companies

Rare disease drugmaker Horizon Therapeutics is engaged in early talks with three pharma giants for a potential takeover offer.

The Dublin-based biotech's Board confirmed earlier this week that it is having "highly preliminary discussions" with Amgen, Janssen and Sanofi — but that there is "no certainty that any offer will be made" at this point.

Horizon expects over $4 billion in global sales for its lead thyroid eye disease drug, Tepezza, which won FDA approval in early 2020.

All three potential bidders have been active in the M&A space. Earlier this month, J&J announced a $16.6 billion bid for Abiomed. Back in August, Amgen has agreed to acquire ChemoCentryx for $3.7 billion in cash, grabbing a recently-approved rare immune-system disease drug with blockbuster potential. Late last year, Sanofi agreed to buy privately held Amunix Pharmaceuticals for around $1.2 billion

Per Irish Takeover Rules, each of the possible bidders is required to announce its intention to make an offer or not make an offer by Jan. 10, 2023.