Snapped up by three multinational giants, with a market value of more than 100 billion, what did this Biotech do right?

In March 2014, Horizon announced the acquisition of Vidara Therapeutics
, an Irish specialty pharmaceutical company, for $660 million.

Around the same time, Horizon made the decision to move its place of incorporation out of the United States and to Dublin, Ireland
.

The relocation was not a whim, but to circumvent the US tax rate
on corporate income, which is as high as 35%.
Tim In an interview, Walbert made it clear that moving the domicile will reduce Horizon's corporate income tax rate to less than 20% and will help level the playing field
for future Horizon acquisitions.

In fact, since then, Horizon has indeed embarked on a path
of buying and buying.

In October 2014, Horizon acquired the distribution rights
to NuvoResearch's osteoarthritis drug Pennsaid (diclofenac sodium) in the U.
S.
for $45 million.

In March 2015, Horizon acquired HyperionTherapeutics for $1.
1 billion to expand its orphan drug portfolio
.

In December 2015, Horizon announced the acquisition of Crealta Holdings
for $510 million.

In September 2016, Horizon acquired Raptor Pharmaceutical, a rare and severe disease drug research and development company, for $800 million, adding Procysbi (cysteamine hydrogen bitartrate) and Quinsair (levofloxacin) to its rare disease drug portfolio
.

In 2017, Horizon announced that it would acquire River Vision Development for $145 million Corp, which acquired Teprotumumab
, the company's ophthalmic product under development.

In early 2021, Horizon Therapeutics acquired biotech company Viela Bio for $3.
05 billion to acquire an autoimmune disease drug pipeline
.
It is reported that Viela Bio, formerly known as Med Immune, AstraZeneca's biologics research and development subsidiary, became independent
in 2018.

In this series of acquisitions, the most worthy is Horizon's $145 million acquisition of River Vision Development Corp.
, which can be called "four or two pounds"
.

With this acquisition, Horizon acquired its investigational ophthalmic product, Teprotumumab, a monoclonal antibody targeting IGF-1R, which was approved by the FDA in January 2020 as the world's first drug to treat thyroid eye disease (TED), achieving sales of $820 million in its first year, surpassing all similar drugs
.
Horizon expects Teprotumumab to peak annual sales at more than $4 billion worldwide, making it a "super blockbuster.
"

Despite the attention, Teprotumumab contributes only a quarter of Horizon's revenue
.
In addition to Teprotumumab, Horizon has more cash-ready blockbuster drugs, such as chronic gout treatment Krystexxa (polyethylene glycolase) and Ravicti (glycerol phenylbutyrate) for the treatment of urea cycle disorders
in adults and children.
It is estimated that Krystexxa's annual sales peak in the United States exceed $1.
5 billion
.

Horizon's financial position is also relatively strong
through balanced development through mergers and acquisitions.
As of September 30, 2022, Horizon had a cash and cash equivalents balance of $2.
1 billion and maintained a positive net profit
.
It is no wonder that throughout the capital winter, this company will be snapped up
by multinational giants.

Horizon's development path is different from traditional Biotech, which is more commercial and capital-driven, and its development path may provide a reference
for Chinese Biotech companies that continue to want to grow into Biopharma faster.

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