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Depomed rejects Horizon’s latest takeover bid

pharmafile | July 30, 2015 | News story | Sales and Marketing | Depomed, horizon, mergers and acquisitions, takeovers

Depomed has rejected Horizon Pharma’s latest bid, stating the proposal is ‘inadequate’ and ’undervalues’ the company.

The Irish pharma company offered a $33 per share proposal, up from its previous $29.25 per share offer valued at approximately $2.0 billion.

However the Depomed board concluded that the latest proposal is inadequate and not in the best interests of the company and its shareholder, according to Peter Staple, Depomed’s chairman of the board. “Horizon’s purported revised, unsolicited proposal does not reflect the value inherent in Depomed’s business, nor does it reflect Depomed’s compelling prospects for long-term growth and value creation.”

He adds: “Our Board continues to believe that the timing of Horizon’s proposal is opportunistic as the combination would transfer the future value of Depomed to Horizon at a price we believe does not represent the value of our assets, business and prospects.”

Jim Schoeneck, president and chief executive of Depomed, adds: “As demonstrated by the Company’s record sales and cash flow during the second quarter, Depomed continues to drive tremendous value for shareholders and has significant growth opportunities that extend well into the next decade.

“It is evident that Depomed is in a period of accelerated growth and our results clearly demonstrate that we are on the right track to becoming one of the top five pharmaceutical pain companies in the United States by 2016, based on branded revenue. We are confident that executing our strategic plan is the best path forward and one that will deliver more value to Depomed shareholders than Horizon’s inadequate proposal.”

Horizon Pharma first approached Depomed in May before making a hostile takeover bid in July. Horizon has stated that it would consider other options to pressure Depomed into a takeover deal.

Yasmita Kumar