Specialty drugmaker Horizon Pharma (HZNP) raised its unsolicited offer for Depomed (DEPO) Wednesday, sending both stocks up. Horizon proposed a deal worth $33 a share, all in Horizon stock, up from its earlier bid of $29.25, which Depomed rejected. The market seemed to anticipate such a move, since Depomed was already at 32.73 at Monday’s close, and in fact last week Roth Capital analyst Scott Henry raised his price target on Depomed to 33
Specialty-drug maker Horizon Pharma tried to continue its recent acquisition binge Tuesday, making a hostile all-stock offer for Depomed worth roughly $3 billion, including debt. Depomed (DEPO) stock jumped 39% on the news to a record high, closing Tuesday at 28.62. Horizon Pharma (HZNP) stock, which touched its all-time high of 35.70 on July 1, fell 2% to 33.86. Horizon offered $29.25 a share for Depomed, a 42% premium on Monday’s closing price.
Specialty drug maker Horizon Pharma (HZNP) tried to continue its recent acquisition binge Tuesday as it made a hostile all-stock offer for Depomed (DEPO) worth roughly $3 billion, including debt. Depomed stock jumped nearly 40% on the news to a record high, while Horizon Pharma stock, which touched its all-time high on Wednesday, was down 2.5%. Horizon offered $29.25 a share for Depomed, a 42% premium on Monday’s closing price. Horizon’s