Shares of Horizon Pharma (HZNP) are trading higher in midday trading after announcing earlier the completion of the acquisition of Raptor Pharmaceutical. The company also updated the financial impact of the Raptor acquisition.

CEO COMMENTS: “The acquisition of Raptor directly aligns with our long-term strategy and evolution into a rare disease focused company, where now more than half of our medicines are used to treat patients with rare diseases,” said Horizon CEO Timothy Walbert. “The added infrastructure in Europe and other key international markets will further benefit the access to both our current and newly acquired medicines as well as position us for the potential introduction of Actimmune for Friedreich’s ataxia in Europe in future years if the results of the Phase 3 trial are positive.”

FINANCIAL IMPACT: Including the expected impact of the Raptor acquisition for the remainder of 2016, Horizon Pharma raised its full year 2016 net sales guidance on a GAAP basis, including the previously announced $65M settlement with Express Scripts (ESRX) as a one-time reduction, to approximately $980M-$985M. Horizon Pharma raised its net sales guidance on a non-GAAP adjusted basis to approximately $1.045B-$1.05B excluding the $65M settlement, from its prior view of “at the low end’ $1.02B-$1.05B. The analyst was expecting FY16 adjusted revenue of $1.03B. The exclusion of the $65M settlement from GAAP net sales guidance is the only adjustment reflected in Horizon Pharma’s FY16 non-GAAP adjusted net sales guidance. Net sales from Raptor medicines for the last two months of 2016 are expected to add between $20M-$25M to Horizon Pharma total net sales. Including the expected impact of the Raptor acquisition for the remainder of 2016, Horizon Pharma is confirming its FY16 adjusted EBITDA guidance of approximately $450M-$460M. As previously announced, Horizon Pharma expects the acquisition of Raptor to be accretive to adjusted EBITDA in 2017. Horizon Pharma will provide guidance for 2017 net sales and adjusted EBITDA in the first quarter of 2017.