Question: On Monday, December 1 2 , 2 0 2 2 Amgen, Inc. ( Nasdaq: AMGN ) and Horizon Therapeutics Public Limited Company ( Nasdaq:HZNP )

On Monday, December 12,2022 Amgen, Inc. (Nasdaq: AMGN) and Horizon Therapeutics Public Limited Company (Nasdaq:HZNP) announced that they had entered into a definitive agreement under which a subsidiary of Amgen will acquire all outstanding shares and to be issued shares of Horizon Therapeutics for $116.50 per share in cash, representing a total enterprise value of $28.3 billion. On the day of the announcement AMGNs price closed at $274.36 and HZNPs price closed at $112.36. HZNPs price on the last trading day prior to the announcement was $97.29, while AMGN's price was $276.21. The deal was set to close June 12,2023. If HZNP had a closing price of $112.36 with 200 days to close when an arbitrageur purchased HZNP, then what was the expected annualized return on the trade at the time of the transaction. Assume a 365 day year. Enter the percentage value and round your answer to two decimal places.(Example 50.50% is entered as 50.50

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