Horizon Ups Offer for Depomed
The specialty pharmaceutical company, Horizon Pharma plc has increased its bid for the specialty pharmaceutical company, Depomed to $33.00 per share rom $29.25 per share (approximately $3.0 billion), contingent on Depomed entering into good faith discussions regarding a transaction. The increased offer represents a 60% premium to the closing price of Depomed on July 6, 2015, the day prior to when Horizon’s initial proposal was made public.
“Based on discussions we’ve had with Depomed’s largest shareholders as well as our own shareholders, it is clear that they and the investment community strongly support a combination of our two businesses,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma, in a company statement. “We are resolute in our commitment to acquire Depomed and we call upon Depomed’s board of directors to listen to their shareholders, fulfill their fiduciary responsibilities, and meet with us in order to promptly complete a negotiated transaction.”