Following the completion of its $27.8 billion acquisition of Horizon Therapeutics, Amgen plans to lay off 350 Horizon employees in the U.S. and Ireland.
Putting a positive spin on the news, an Amgen spokesperson told media outlets that the company is retaining more than 80% of Horizon's U.S. workforce, "reflecting the knowledge and capabilities we need to continue serving patients suffering from rare diseases."
Most of the cuts are for jobs that overlap with existing Amgen jobs, the Amgen spokesperson said. Horizon last reported a workforce of 2,190 people.
The FTC finally gave its blessing to the Amgen-Horizon deal back in September, after Amgen agreed to a settlement the watchdog said would prohibit the drugmaker from leveraging its drug portfolio to disadvantage rivals. Under the settlement terms, Amgen is barred from bundling its products with Horizon's Tepezza or Krystexxa and from using product rebates or contract terms to disadvantage competitor products.