Two billionaires –Paul Tudor Jones and George Soros — acquired shares of Horizon Therapeutics (NASDAQ:HZNP) stock, a drugmaker, last quarter. On Dec. 12, Horizon agreed to be acquired by a giant pharmaceutical company, Amgen (NASDAQ:AMGN).

Jones and Soros’ Purchases of HZNP Stock

In the fourth quarter of 2022, Tudor Investment, Paul Tudor Jones’ hedge fund, bought 648,600 of HZNP stock. The purchase marked the first time the fund acquired shares in Horizon.

For its part, Soros’ hedge fund, Soros Fund Management, also bought HZNP stock for the first time in Q4, purchasing 2.9 million of the shares.

Amgen’s Acquisition of Horizon

Amgen signed a deal to buy Horizon for almost $27.8 billion in cash, or $116.50 per share. A developer of drugs for rare diseases, Horizon generated $2 billion of revenue from its three primary pharmaceuticals in the first nine months of 2022. When the deal was announced, the takeover price was 20% above Horizon’s stock price. In mid-morning trading, HZNP changed hands for $110 per share.

The Federal Trade Commission (FTC) is currently examining the deal and recently issued a “2nd request” for information about the proposed transaction. Senator Elizabeth Warren, a Democrat, has expressed reservations about the agreement, saying that because of what she called the two firms’ “records of anti-competitive business practices,” she believes they could raise their prices and seek to block competitive products from being sold.

Other Purchases by Jones and Soros

Jones also increased his holdings of DigitalOcean (NYSE:DOCN) and Etsy (NASDAQ:ETSY) last quarter.

While Soros increased his positions in Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Disney (NYSE:DIS), and Booking Holdings (NASDAQ:BKNG).

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.