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Horizon Pharma raises offer for Depomed to $33 per share

Staff writer ▼ | July 21, 2015
Horizon Pharma raised its offer to buy Depomed to $33 per share. The equity value of the new offer works out to $1.97 billion and compares with Horizon Pharma's previous offer of $29.25 per share, or about $1.74 billion.
Horizon Pharma
Acquisition   Horizon offered better terms
Horizon Pharma had taken its previous offer hostile on July 7 after Depomed refused to engage in talks over a deal.

The new offer represents a 59.8 percent premium to Depomed's closing price on July 6, before Horizon made its first offer public. Horizon Pharma had previously raised its offer to $32.25 per share, which was again rejected.

Horizon Pharma said based on talk with Depomed's largest shareholders and its own shareholders, "it is clear that they and the investment community strongly support a combination of our two businesses".

The raised offer comes a day after Horizon Pharma forecast current quarter net sales above analysts' expectations and raised its 2015 forecast.