Horizon Pharma Reaffirms $33/Shr Offer To Acquire Depomed - Quick Facts

(RTTNews) - Biopharmaceutical company Horizon Pharma plc (HZNP) said Thursday that it stands by its proposal to acquire all the outstanding shares of smaller peer Depomed, Inc. (DEPO) for $33.00 per share in Horizon Pharma stock. Horizon assumes that the two parties can come to a negotiated agreement quickly.

In a letter to Depomed Board of Directors, Horizon added that it would alternatively offer Depomed shareholders a combination of cash and stock at $32.50 per share to partially offset the incremental costs associated with including cash as a component of the consideration.

Horizon had initially offered $29.25 per share on May 27, which was privately rejected by Depomed on June 25. It then sweetened the offer twice privately to $32.25 per share and then finally to $33 per share.