Horizon Pharma Bids Billion For Depomed

2020-02-23 08:27:51    阅读:213340

Irelands Horizon Pharma is bringing its $3 billion takeover offer

for U.S. rival Depomed directly to the companys shareholders after being rebuffed in its attempts to negotiate with Depomeds management. Horizons hostile bid for Depomed, announced on Tuesday, values the Newark, Calif.-based specialty pharmaceutical company at $29.25 per share, which represents a 42% premium over Depomeds Monday closing price. Depomeds share price jumped nearly 40% on the news of Horizons offer. The Irish manufacturer of drugs to treat arthritis and other inflammatory diseases said in a press release that it made repeated attempts to enter into deal discussions with Depomeds management and board starting in March, only to have those advances and its takeover offer rejected. Depomed makes a range of pain treatments and products that 2016开奖记录 treat conditions related to the central nervous system. Horizon believes the deal would increase sales for both companies products while the five different drugs Depomed currently has on the market would nearly double the size of Horizons current portfolio.  

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   Thank you!    For your security, we've sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don't get the confirmation within 10 minutes, please check your spam folder.  The strategic and financial benefits of our proposal are highly compelling, Horizon CEO and chairman Timothy Walbert said in a statement. Walbert added that his companys proposal offers substantial long-term value for Depomeds shareholders, whom he encouraged to urge the Depomed board to enter deal discussions. If the two companies are able to reach an agreement, it would represent the latest in a string of deals for Horizon, which paid $660 million for Vidara Therapeu

tics International last year and also acquired Hyperion Therapeutics for $1.1 billion earlier this year. The pharma industry in general has seen more than its share of dealmaking recently, with deal volume and value on

the rise in the first quarter of 2015, led by mega-mergers such as AbbVies $21 billion purchase of Pharmacyclics and Pfizers $17 billion acquisition of Hospira.   Contact us at editors@time.com.