ICLE Statement on FTC-Amgen Settlement
PORTLAND, Ore. (Sept. 1, 2023) – In light of Amgen Inc.’s announced agreement with the Federal Trade Commission (FTC) and attorneys general from six U.S. states settling challenges to the company’s planned acquisition of Horizon Therapeutics, the International Center for Law & Economics (ICLE) offers the following statement from ICLE President Geoffrey A. Manne:
“This is the result that ICLE and 11 antitrust law and economics scholars recommended in our brief to the court. The FTC suit to stop the merger was clear overreach.
“The FTC had no chance to win. This is a clear admission of that fact. Every recent merger settlement with the FTC has included a provision requiring that all future mergers get prior approval from the FTC. In this settlement, prior approval is required only for those drugs that compete directly with the Horizon drugs. This would never have been allowed anyway, as those drugs have no competitors currently.”