Horizon buying Hyperion for $1.1B

Horizon Pharma plc (NASDAQ:HZNP) will acquire rare disease company Hyperion Therapeutics Inc. (NASDAQ:HPTX) for $46 per share, or $1.1 billion in cash. The price represents an 8% premium to Hyperion's Friday close of $42.74.

Horizon will gain two marketed drugs to treat urea cycle disorders (UCD): Ravicti glycerol phenylbutyrate and Buphenyl sodium phenylbutyrate. Combined sales of Ravicti and Buphenyl in 2014 were $113.6 million. Hyperion has submitted an MAA to EMA for Ravicti and expects a decision from EMA's CHMP in late 2015 or early 2016. Hyperion plans to submit an sNDA for Ravicti to treat UCD patient ages two months to two years in 2Q16, and another sNDA for patients less than two months of age by YE17. ...