Horizon Therapeutics plc (NASDAQ: HZNP) and Viela Bio, Inc. (NASDAQ: VIE) have entered into a definitive agreement where Horizon will acquire all issues and outstanding shares of Vielo Bio common stock for USD 53 per share in cash or a fully diluted equity value of USD 3.05 Billion. The transaction is expected to close by the end of the first quarter of 2021. “This acquisition represents a significant step forward in advancing our strategy – to expand our pipeline in order to accelerate our growth over the long term,” said Tim Walbert, chairman, president and chief executive officer, Horizon. “Adding Viela’s research and clinical development capabilities along with its deep, mid-stage biologics pipeline to our seasoned R&D and commercial teams, advances our transformation to an innovation-driven biotech company where we will build on the success of TEPEZZA and KRYSTEXXA to bolster our long-term growth trajectory. We intend to maximize the full potential of Viela’s pipeline, including the pursuit of additional future indications.”
“We are pleased that Horizon recognizes the value of our robust R&D pipeline, our commercial medicine UPLIZNA, which is an important treatment option for patients with NMOSD, and our talented team,” said Bing Yao, Ph.D., chairman and chief executive officer, Viela Bio, Inc. “We believe that the combined pipeline, including the pursuit of additional potential indications, has the potential to yield innovative new medicines to treat autoimmune and severe inflammatory diseases. Our collective R&D expertise coupled with Horizon’s commercial capabilities, has the potential to provide benefit to more patients with high unmet treatment needs.”
The company plans to finance the transaction through USD 1.3 Billion of external debt with cash on hand. Horizon has put together a fully committed financing with Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc.