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San Diego Source > News > Horizon Pharma Makes Hostile $3 Billion Offer to
Shares in Depomed rocketed 37% as biopharmaceutical firm Horizon Phama said it was taking its bid for the company hostile, after revealing that the offer it made to acquire all of Depomed’s outstanding shares in May was rejected. Depomed shareholders would own about 25 percent of the combined company if the deal occurs, according to Horizon, which would retire $575 million of senior secured notes with cash and new debt. Chief Executive Timothy Walbert said the deal would generate “significant revenue and operating synergies, as well as considerable tax savings”.
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Horizon is offering $29.25 per Depomed share in a stock transaction, 42 percent more than the closing price on Monday, the Deerfield, Illinois-based company said in a statement Tuesday.
The proposed deal, if consummated, would immediately and substantially add to Horizon’s adjusted earnings per share.
Horizon’s acquisition of Depomed would create a combined company with 13 approved drugs, almost doubling Horizon’s current portfolio.
Horizon has now taken the offer directly to the shareholders of Depomed, who are expected to realize the financial, strategic and operational benefits of the offer, and encourage its board to engage in discussions to negotiate a mutually acceptable agreement. If we look at its trading history of the past 52 weeks, the share price suffered a low of $7.85 and was moved to the maximum level of $35.70.
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Citigroup and Jefferies are Horizon Pharma’s lead financial advisers.