Horizon Therapeutics: Biotechnology Company Building An Outsider Moat

Value investing in life sciences

• Horizon Therapeutics is a biotechnology company focused on capital efficiency and commercialization.

• The company has built a strong track record acquiring assets early and then efficiently bringing them to market.

• This has led to their business model increasingly resembling Danaher or Constellation Software but focused on drug development.

• So the investmen…