Horizon Therapeutics (NASDAQ:HZNP) stock is rising higher on Wednesday following reports that the company is considering a buyout.
According to a news release from the company, Horizon has engaged in early discussions that could result in a deal with one of three pharmaceutical companies. The companies considering a buyout of HZNP are Amgen (NASDAQ:AMGN), Johnson & Johnson’s (NYSE:JNJ) Janssen Global Services and Sanofi (NASDAQ:SNY).
Horizon Therapeutics made sure to clarify that these are “highly preliminary discussions” that may not result in a firm bid for the company. Each of the three companies has until Jan. 10, 2023, to announce a firm offer or their intention to not make a bid for the company.
What This Means for HZNP Stock
As we’re already seeing today, the possible offers for Horizon Therapeutics are causing HZNP stock to soar higher in price. That could continue as the three companies progress talks and make bids for the company.
This means investors will want to keep a close eye on HZNP stock in the coming weeks, especially ahead of the Jan. 10 cutoff for bids. It’s also possible that we’ll see firm bids well before that date.
As for today, shares of HZNP are rising alongside heavy trading. As of this writing, more than 6 million shares have changed hands. That’s already more than double the daily average trading volume of about 2.6 million shares.
HZNP stock is up 27.4% as of Wednesday morning.
There’s more stock market news traders will want to know about below!
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