Horizon Pharma to Buy Hyperion Therapeutics
Horizon Pharma agreed to buy Brisbane’s Hyperion Therapeutics for $1.1 billion to gain drugs to treat rare metabolic diseases, adding to this year’s numerous pharmaceutical industry takeovers.
Horizon will offer Hyperion holders $46 per share in cash, the companies said. That’s 7.6 percent above Friday’s closing level, and about 35 percent above the average for the past two months.
The deal will give Horizon two drugs to treat urea cycle disorders, inherited ailments that can cause a build-up of ammonia in the body. Horizon makes products to treat arthritis, inflammation and rare illnesses. Shares of Hyperion have soared 78 percent this year, in part because of takeover speculation.
“The Hyperion acquisition will expand and diversify our product portfolio,” Timothy Walbert, Horizon’s chairman and chief executive officer, said in a statement.