Horizon Pharma (NASDAQ:HZNP) is a pharmaceutical company that develops and sells drugs to treat pain and inflammation. The drugs Horizon produces are formulated for people with arthritis or other similar chronic pain diseases. The company's lead drug has been approved by the Food and Drug Administration (FDA) and is waiting approval in the United Kingdom. The company's second drug is approved in Europe, but is awaiting approval in the US. Horizon has a series of other drugs which also serve as pain and inflammation relievers that are in various phases of development. However, Horizon plans to focus on the commercialization and sale of its first two drugs before returning to those in the pipeline.
For the full year 2010, the company had a total revenue of $2.4M. None of Horizon's drugs were approved prior to 2010, and so 2010 was the first revenue generating year. The company reported a net loss of $27M in 2010. This net loss was due, in part, from a high Research & Development cost. 
The company's initial public offering of stock on the NASDAQ occurred on July 27, 2011. The company offered 5.5M shares each for $9. This was below the initial price range of $10-$12. The deal raised a total of $50M. The lead underwriters were Stifel Nicolaus Weisel, Cowen & Company, and JMP Securities. 
Horizon Pharma's future performance depends crucially on whether it can gain approval of its two lead drugs in the US and Europe and whether it can successfully market them to physicians. Both of its drugs are relatively novel ways to lower inflammation and pain. This does lower competition, but also makes the government approval process and the adaption among physicians more difficult. This means that the company's performance will be dependent on how well it can market to doctors who are not used to such drugs.