New York, September 12, 2016 -- Moody's Investors Service commented that Horizon Pharma PLC's announcement that it will acquire Raptor Pharmaceutical Corp. (unrated) for approximately $800 million is credit negative. The acquisition results in pro forma LTM debt/EBITDA of over 6.5x. There are no changes to the ratings of Horizon's subsidiary Horizon Pharma Inc. (Corporate Family Rating of B2 stable) or stable outlook at this time primarily because Moody's anticipates deleveraging through strong EBITDA growth. The exact financing mix has not been determined, and could result in changes in the ratings of Horizon's specific debt instruments including the senior unsecured notes rated B2.

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