FTC To Sue To Block Amgen's Acquisition Of Horizon Therapeutics : Reports

(RTTNews) - The U.S. Federal Trade Commission is expected to file a lawsuit as early as Tuesday to block Amgen Inc's (AMGN) proposed $27.8 billion acquisition of Horizon Therapeutics PLC (HZNP), arguing the deal would harm competition for drug development, according to several media reports citing people familiar with the matter.

The companies are both working to develop treatments for eczema and lupus. Eczema is a chronic inflammatory skin condition. Lupus is a chronic autoimmune disease that attacks internal organs.

HZNP closed Monday's regular trading at $112.25 up $1.25 or 1.13%. But in the after-hours trading, the stock dropped $17.25 or 15.37%.