Biopharmaceutical company Amgen Inc. has agreed to buy Horizon Therapeutics for $27.8 billion which would make it the largest merger of the year within the healthcare industry.

Horizon has been developing medications to help treat rare autoimmune and inflammatory diseases since 2005. Last year the company saw significant revenue growth from its drug Tepezza which made it a prime target for any companies looking for acquisitions.

Horizon announced its interest in fielding a takeover Amgen, Sanofi, and Johnson & Johnson all expressed interest.

The announcement of a potential takeover shot up Horizon’s stock price by nearly 30% and it continued to rise throughout early December. The final agreement between Amgen and Horizon has Amgen buying the company for $116.50 per share, a 20% increase from the company’s closing price on Friday.

‍Source: Wall Street Journal