Horizon Pharma had taken its previous offer hostile on July 7 after Depomed refused to engage in talks over a deal.
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Horizon said that based on public information available, it believes the $33 per share is a full and fair price and represents an approximate 60 per cent premium to Depomed’s share price on the day prior to its original proposal being made public.
Horizon Pharma PLC (NASDAQ:HZNP) EVP Jeffrey W. Sherman sold 26,887 shares of Horizon Pharma PLC stock in a transaction dated Wednesday, July 15th. The stock has a 50-day moving average of $33.55 and a 200-day moving average of $25.28. The same period from a year ago had $0.21 in EPS on $66.06 million in revenue. Horizon Pharma PLC’s revenue was up 117.7% compared to the same quarter past year. The Diversified Operations company is now valued at $5.73 billion and its share price closed the last trading session at $37.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The stock has a consensus analyst price target of $39.88 and a 52-week trading range of $7.85 to $39.49.
A recent analyst activity consisted of Leerink Swann who initiated their coverage on the stock with Outperform rating on May 22. The Analysts at Morgan Stanley announces a current price target of $38 per share. The standard deviation reading, which is a measure by which the stock price is expected to swing away from the mean estimate, is at $6.48. Finally, analysts at Zacks downgraded shares of Horizon Pharma PLC from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 13th. The company presently has a consensus rating of “Buy” and an average price target of $35.60. It is focused on developing and commercializing medicines to target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company’s other product, LODOTRA (NP-01), is a programmed release formulation of low-dose prednisone that is marketed in Europe by the Company’s distribution partner, Mundipharma worldwide Corporation Limited (Mundipharma).
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Last September, Horizon closed a deal to merge with Dublin-based Vidara Therapeutics worldwide Ltd. three days before US regulators cracked down on tax-beneficial corporate migrations known as tax inversions, in which an American company moves its tax home to a country such as the United Kingdom or Ireland, where corporate taxes are lower.
