Horizon Pharma PLC, an Iris biopharmaceutics giant had been in constant efforts since May when it wrote a proposal to DepoMed Inc. for acquiring it. The earlier reports have shown it to have gone hostile in its acquisition desire where its offer valued approx. US$ 29.25 per share of DepoMed Inc. along with keeping all transaction in stock.
On a similar notice, earlier news of July this year was stating Horizon Pharma PLCto have had gone public with its offer because DepoMed’s executives refused to engage in talks with it. As a response, being defensive, DepoMed’s board stated that the proposal was not in company’s best interest andthat the company was in initial stages of significant growth counting on its benefit from a recent acquisition of Nucynta from Janssen Pharmaceuticals Inc.Reportedly, both the companieswere in discourse since March, but an agreement was never reached.
However, Horizon Pharma PLC stated on Thursday to drop down its considered bid for DepoMed, keeping in view legal setback when its effort to nullify DepoMed’spoison pill takeover defense has got rejected. The ongoing issue of months has finally met its fate when Santa Clara judge, Peter Kirwan of Superior Court ruled for DepoMed Inc. on a battle field where Horizon was to utilize its confidential information.
Timothy Walbert, the current president and chief executive of Horizon Pharma PLC has stated that the company is setting back with its offer for acquiring DepoMed Inc. despite of strongly disagreeing with the judicial orders and that ruling will not affect its next year’s guidance or expectations. In contrary, DepoMed stated, “We strongly believe we have successfully executed our acquisition and commercialization strategy, and Depomed has a bright future as an independent company.”
Horizon Pharma PLC makes the rheumatoid arthritis drug named as Duexis. DepoMed Inc. has a portfolio that includes the migraine drug Cambia.
