Re: Horizon Therapeutics Surges on Takeover Talk, With Johnson & Johnson Among Its Suitor
$30B would be about $128/share which is just short of my range of $130-$150/share. The piece missing from that valuation of $30B based on 4x sales, is the potential of the pipeline, and don't think that HZNP isn't going to demand something for that. I'll stick with my $130-150 estimate and expect it will be towards the middle of that range (high 130's?). A good day in any case and the underbidders will keep it competitive.
Under Irish securities laws, the suitors have until 1/10/2023 to make their offers. Won't have to wait that long I suspect. If they are smart they will keep HZNP as a separate entity under their umbrella and have TW continue to run the company. If not - look for him to start up another biotech (that's where a lot of my profit will go).