S&P puts Horizon on positive watch

S&P said it placed Horizon Therapeutics plc’s ratings on CreditWatch with positive implications after investment-grade rated Amgen Inc. reported it agreed to buy the company in a deal that values Horizon’s equity at $27.8 billion.

The positive watch mirrors the position that Horizon will become a core holding of Amgen. “Therefore, we intend to equalize our issuer credit rating on Horizon with our BBB+ long-term issuer credit rating on Amgen,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch once the deal closes, which is expected in the first half of 2023.

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