Hedge fund billionaire John Paulson stands to reap about $500 million if Amgen's deal for Horizon goes through. It's the latest victory for the man who shot to fame for his big bet during the subprime crisis.
Hedge fund billionaire John Paulson stands to make a half billion dollars from Horizon's sale to Amgen., but for hedge fund billionaire John Paulson, it wasn’t so bad either.betting against subprime mortgages in the Great Financial Crisis of 2007 to 2009. Now it looks to pocket about $500 million from Amgen’s $27.8 billion acquisition of Horizon Therapeutics.
Paulson & Co., which transitioned from a hedge fund to a family office in 2020, has owned a stake in Horizon Therapeutics since 2017, according to FactSet. The data provider estimates that Paulson paid an average of about $31 for the 6.1 million shares in the biopharmaceutical company. At the proposed deal price of $116.
Horizon has been among Paulson's most significant holdings since the second quarter of 2021. The company’s stock price surged from about $30 a share in March 2020 to over $100 the following year after its drug for treating thyroid eye disease gained FDA approval. During that run-up, Paulson pared his initial position by selling about 1.8 million shares of Horizon stock, according to FactSet data.
Paulson, who turns 67 on Wednesday, shot to fame after the subprime crisis for his insanely lucrative bets that Americans would lose their homes, chronicled in Gregory Zuckerman’s book,. His interest in Puerto Rico was widely scrutinized as a possible means for the billionaire to take advantage of the territory’s favorable tax regime.
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