Horizon Pharma withdraws offer for Depomed after court ruling
Friday, November 20, 2015
Ireland-based Horizon Pharma Plc said it has withdrawn its offer to acquire Depomed Inc (DEPO.O) following a court ruling that granted Depomed's motion for preliminary injunctive relief on Horizon's alleged used of confidential information.
"While we strongly disagree with the court's ruling, we are withdrawing our offer to acquire Depomed," Horizon's chief executive, Timothy Walbert, said in a statement.
Judge Peter Kirwan of Superior Court of California for the County of Santa Clara made the ruling on Thursday. Kirwan did not grant the injunctive relief that Horizon had sought regarding the legality of Depomed's poison pill, Horizon said.
Horizon said the ruling will not affect its 2016 guidance or long-range plan or expectations.
Horizon Pharma first approached Depomed in May and went hostile with its offer in July after being rejected. Depomed adopted a poison pill to stave off the bid.
"...we strongly believe we have successfully executed our acquisition and commercialization strategy, and Depomed has a bright future as an independent company", Depomed said in a statement late Thursday.
reuters.com
