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Horizon makes unsolicited offer for Depomed; withdrawn
15 Sep 2017
Executive Summary
Horizon Pharma PLC took an unsolicited offer to acquire public spec pharma Depomed Inc. directly to Depomed's shareholders. Horizon approached Depomed in March 2015 about a deal, which would be valued at approximately $2.4bn in Horizon stock--$29.25 in Horizon shares for each Depomed share (a 35% premium, and equating to about 52mm Horizon shares)--plus the assumption of $575mm in debt. Depomed would own 25% of the combined entity. Depomed's board, however, stated that the offer doesn’t adequately reflect the value of the company and they unanimously rejected it.
Deal Industry
- Pharmaceuticals
-
Pharmaceuticals
- Specialty Pharmaceuticals
-
Drug Delivery
- Controlled Release
- Nasal
Deal Status
- Withdrawn
Deal Type
-
Acquisition
- Full Acquisition
- Payment Includes Stock
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Horizon makes unsolicited offer for Depomed; withdrawn
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