March 30--Horizon Pharma said Monday that it will buy Brisbane, Calif.-based Hyperion Therapeutics for about $1.1 billion.
Horizon, based in Dublin with U.S. headquarters in Deerfield, said it will pay $46 per share in cash, about a 7.6 percent increase over the California company's Friday close of $42.74.
The acquisition adds two rare disease drugs to its portfolio that treat urea cycle disorders, a genetic condition that involves a deficiency in enzymes that remove ammonia from the blood stream. The drugs, Ravicti and Buphenyl, brought in $113.6 million in sales last year.
The transaction has been approved by both boards. Horizon will have seven products on the market after the deal closes, expected in the second quarter.
Horizon Pharma chief executive Timothy Walbert said the deal will add $100 million to the company's adjusted earnings in 2016, which includes expected cost savings of more than $50 million.
In September, Horizon moved its headquarters to Ireland to reduce its corporate tax bill. The move was made possible by the company's acquisition of Irish pharmaceutical company Vidara Therapeutics International for $587 million.
ehirst@tribpub.com
