Horizon Pharma (HZNP) stock rose while Depomed (DEPO) fell Friday morning after a court ruling led Horizon to abandon its hostile pursuit of its fellow specialty drugmaker. Horizon announced late Thursday that it was withdrawing its all-stock offer after a California court granted Depomed’s motion for injunctive relief based on what Depomed said was Horizon’s misuse of confidential information. The court conversely refused to grant Horizon
Specialty drugmaker Horizon Pharma’s (HZNP) battered stock rose sharply Friday as the company issued a statement countering its takeover target Depomed ‘s (DEPO) charges regarding its drug-pricing policy. Horizon has been in hot water since Monday, when both it and Valeant Pharmaceuticals (VRX) were the subject of a New York Times article saying the companies were using specialty pharmacies as a way to avoid the efforts of such major
Horizon Pharma (HZNP) stock dipped despite an earnings beat Friday, as Depomed (DEPO) rebuffed another takeover attempt. In a letter to Horizon CEO Timothy Walbert, Depomed CEO James Schoeneck wrote that Walbert had told him Horizon was prepared to raise its offer with a cash component up to 25%. Horizon’s previous proposal was all in stock, and reportedly worth $33 a share, though the exact quantity of stock involved wasn’t disclosed. “Yet you