CRA’s Life Sciences consultants provided economic expert assistance to Amgen in defending against a FTC challenge to its acquisition of Horizon Therapeutics. The FTC and six states sought to block the acquisition, alleging the merger could harm future competition for Horizon products Tepezza and Krystexxa. It was alleged that Amgen could limit competition for the Horizon products by bundling them with popular Amgen products to achieve formulary coverage.
CRA’s expert analysis provided a critical review of this theory, noting the minimal common oversight of pharmacy (the Amgen therapies) and medical (the Horizon therapies) benefits. In addition, CRA’s expert analysis identified efficiencies from the merger and noted that the FTC’s concerns, even assuming they were valid, could be addressed with behavioral oversight. The dispute settled prior to trial, with Amgen entering into a consent order on September 1, 2023, clearing the way for the acquisition of Horizon Therapeutics that was completed on October 6, 2023.
