Sanofi Says Doesn't Intend To Make Offer For Horizon; But Amgen Reportedly In Advanced Talks

(RTTNews) - French drug major Sanofi (SNYNF, SNY) said Sunday that it it is no longer in discussions with Horizon Therapeutics Plc. (HZNP) and it does not intend to make an offer for Horizon, as transaction price expectations do not meet its value creation criteria.

Citing people familiar with the matter, the Wall Street Journal reported that Amgen In. (AMGN) is in advanced talks to buy Horizon in a deal likely to be valued at well over $20 billion. A deal could be finalized by Monday assuming the talks with Amgen don't fall apart.

Horizon Therapeutics said last month that it was engaged in highly preliminary discussions with Amgen Inc., Janssen Global Services, LLC and Sanofi.

The Journal reported Sunday that Amgen is the last of three suitors standing in an auction for Horizon, after Sanofi said it was out of the running. Johnson & Johnson had already dropped out.