Sector News

Horizon Pharma plc withdraws offer to acquire Depomed, Inc.

November 20, 2015
Life sciences

Horizon Pharma plc, a biopharmaceutical company focused on improving patients’ lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, today announced that at a hearing held today, Judge Peter Kirwan of the Superior Court of California for the County of Santa Clara granted Depomed Inc.’s motion for preliminary injunctive relief against Horizon Pharma’s alleged use of information that Depomed claimed was confidential.

In his ruling, Judge Kirwan did not grant the injunctive relief Horizon Pharma had sought regarding the legality of Depomed’s poison pill and certain of the bylaw amendments announced by Depomed’s board of directors on July 13, 2015.

“While we strongly disagree with the court’s ruling, we are withdrawing our offer to acquire Depomed,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “Today’s ruling by the court does not affect our 2016 guidance or long-range plan or expectations. We have built a strong and diversified portfolio of medicines that we expect will exceed $750 million in net sales in 2015 and we expect will drive nearly $1 billion in net sales in 2016. As we look to the future, we are committed to our strategy of complementing our strong organic growth, which has the potential to double our net sales to approximately $2 billion by 2020, with value enhancing acquisitions. While we are disappointed by the court’s ruling, Depomed was only one of many attractive acquisition opportunities we have been actively pursuing.”

Source: Horizon Pharma plc

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