Horizon Therapeutics

Summary

Horizon Therapeutics plc
TypePublic limited company
ISINIE00BQPVQZ61
IndustryPharmaceutical
PredecessorHorizon Pharma plc (before the 2019 company name change)
Founded2005; 17 years ago (2005)
Headquarters
Key people
Timothy P. Walbert (Chairman, President & CEO)

Paul W. Hoelscher (CFO)
Andy Pasternak (CBO)

Jeffrey W. Sherman, M.D. (CMO)
RevenueIncrease US$1.056 billion (2017)
Decrease US$264 million (2014)[1]
Number of employees
1,800[2]
Websitehorizontherapeutics.com

Horizon Therapeutics plc is a biopharmaceutical company focused on researching, developing, and commercializing medicines that address critical needs for people impacted by rare and rheumatic diseases.[3] Horizon primarily markets products in the United States, which represented 97% of Horizon's 2019 worldwide sales.[4] In 2014 Horizon executed a tax inversion to move its legal headquarters to Ireland to avail of Ireland's low tax rates and beneficial corporate tax system.[5][6] On May 2, 2019, shareholders of the company approved the change of the company's name to Horizon Therapeutics plc.[7]

Horizon's drug portfolio is focused on treatments for thyroid eye disease (TED), gout, rare diseases, and inflammatory diseases.[8] Horizon's portfolio includes Tepezza (teprotumumab), Krystexxa (pegloticase), Actimmune (interferon gamma), Duexis (ibuprofen + famotidine), Pennsaid (diclofenac, 2% topical), Rayos/Lodotra (prednisone), Vimovo (naproxen/esomeprazole magnesium), Buphenyl (sodium phenylbutyrate), Procysbi (cysteamine bitartrate), and Ravicti (glycerol phenylbutyrate).[9] In 2016, the company became a member of the Pharmaceutical Research and Manufacturers of America (PhRMA).[10]

Business

The company's lead product base includes Krystexxa, Duexis and Rayos. Outside the United States, Rayos is also known as Lodotra.[11]

The company has cooperated with American Gastroenterological Association (AGA) Institute to launch a program named "Connect to Protect" which aims to help physicians and patients better understand non-steroidal anti-inflammatory drug (NSAID) risks. The program is planned to promote communications between physicians and patients about NSAIDs and gastrointestinal ulcers.[12]

In March 2014, the company executed a corporate tax inversion to Ireland by acquiring Irish–based Vidara Therapeutics International for $660 million.[13] While Horizon's main operations and sales remained in the U.S., Horizon moved their "legal" headquarters to Ireland to avoid U.S. taxes.[14] In July 2015, the Wall Street Journal noted that Horizon were using their lower Irish corporate tax rate to acquire further U.S.–based life sciences firms (i.e. Horizon could afford to pay more).[15]

In October 2014, the company acquired the U.S. sales and marketing rights to the osteoarthritis drug Pennsaid from Nuvo Research for $45 million.[16]

In March 2015, the company acquired Hyperion Therapeutics for $1.1 billion, increasing Horizon's orphan disease drug portfolio.[17] In December, the company acquire Crealta Holdings for $510 million.[18]

In September 2016, the company announced the acquisition of Raptor Pharmaceutical for $800 million, adding Procysbi and Quinsair to its rare drug portfolio.[19]

In 2017, Horizon announced its intention to acquire River Vision Development Corp for $145 million, and continue the development of teprotumumab.[20] In January 2020 - after showing very strong PhIII data - it was approved for the treatment of thyroid eye disease (TED), a rare, vision-threatening disease that previously had no FDA-approved treatment options.[21] Horizon believes it can reach $1bn peak-sales in US alone.

In February 2021, the business announced it would acquire Viela Bio Inc for around $3 billion ($53 per share).[22]

In early 2022, the company signed a lease on a large research and development facility in Rockville, Maryland.[23]

Horizon Therapeutics sales by region (2017)[4]
Region Sales ($ m) Distribution (%)
U.S. 1,026.527 97
Rest of World 29.704 3
Total 1,056.231 100

See also

References

  1. ^ Horizon_Pharma_2014_Annual_Report_bmk.pdf
  2. ^ "About Us | Horizon Therapeutics".
  3. ^ "Horizon Therapeutics website: About Us page". 15 May 2020.
  4. ^ a b "SEC Form 10-K: Horion Pharma public limited company". Securities and Exchange Commission. p. 89. Results of Operations: Net Sales
  5. ^ "Tracking Tax Runaways". Bloomberg News. 1 March 2017. Bloomberg Special Reports: Corporate Tax Inversions
  6. ^ Vanessa Houlder; Vincent Boland; James Politi (29 April 2014). "Tax avoidance: The Irish inversion". Financial Times.
  7. ^ "SEC Form 8-K: Horizon Therapeutics plc". 2 May 2019.
  8. ^ "Horizon Therapeutics website: Our Portfolio page". Retrieved 15 May 2020.
  9. ^ "Horizon Therapeutics website: Our Portfolio page". Retrieved 15 May 2020.
  10. ^ "Teva wins controversial PhRMA bid despite protests from branded rivals – FiercePharma". www.FiercePharma.com. Retrieved 26 August 2017.
  11. ^ "Marketwatch of Horizon Pharma Inc". Marketwatch.com. Retrieved 21 March 2014.
  12. ^ "Program introduction". ConnectToProtect.com. Retrieved 21 March 2014.
  13. ^ "Horizon Pharma to Acquire Vidara Therapeutics International". Finance.yahoo.com. 19 March 2014. Retrieved 22 March 2014.
  14. ^ Rubin, Ben Fox (19 March 2014). "Horizon Pharma to Acquire Vidara in $660 Million Deal". Wall Street Journal. Horizon Pharma Inc (NDAQ:HZNP) agreed to acquire Vidara Therapeutics Inc. in a cash-and-stock deal valued at about $660 million, as the specialty pharmaceutical company sought to expand its range of products. As part of the merger, the combined company will be named Horizon Pharma PLC and will be organized under the laws of Ireland. Horizon's current shareholders will own 74% of the merged company, and Vidara's shareholders will own about 26% of the company and receive $200 million in cash.
  15. ^ Liz Hoffman (7 July 2015). "The Tax Inversion Wave Keeps Rolling". Wall Street Journal. Horizon and other inverted companies are using their new, lower tax rates to turbocharge corporate takeovers. Applying those rates, often in the midteens, to profits of companies in the U.S., with a federal corporate rate of 35%, can yield extra savings on top of those traditionally wrung from mergers. Moreover, unlike the U.S., Ireland and most other countries, only tax profits earned in-country, giving companies the freedom and incentive to shift income to still-lower-tax jurisdictions.
  16. ^ "Horizon Pharma Picks Up Nuvo's Osteoarthritis Pain Drug Pennsaid 2% – GEN News Highlights – GEN". GEN.
  17. ^ "Horizon Pharma to Acquire Hyperion Therapeutics for $1.1B". GEN. 30 March 2015.
  18. ^ "Horizon Pharma Buys Crealta Holdings for $510M". GEN. 11 December 2015. Retrieved 30 April 2016.
  19. ^ "Horizon Pharma to Acquire Raptor for $800M – GEN". GEN. 12 September 2016. Retrieved 26 August 2017.
  20. ^ "BRIEF-Horizon Pharma Plc to acquire River Vision Development Corp". Reuters. 8 May 2017. Retrieved 26 August 2017.
  21. ^ "FDA Approves TEPEZZA (TM) (teprotumumab-trbw) for the Treatment of Thyroid Eye Disease (TED)". Horizon Therapeutics. 21 January 2020. Retrieved 30 January 2020.
  22. ^ "Horizon Therapeutics boosts rare-disease portfolio with $3.05 billion Viela buy". Reuters. February 2021.
  23. ^ Schere, Dan (6 January 2022). "Biopharmaceutical company signs lease for research and development facility in Rockville". Bethesda Beat. Retrieved 7 January 2022.

External links

  • Official website