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
Recent weeks have not been friendly to the pharmaceutical industry, with some stocks in the sector such as Valeant Pharmaceuticals (VRX) and Horizon Pharma (HZNP) withering amid criticism over the industry’s drug-pricing practices and fears of greater regulation. But two biotechs with top fundamentals — Gilead Sciences (GILD) and Regeneron Pharmaceuticals (REGN), the focus of the Screen of the Day — have maintained strong ratings and held up in
Specialty drugmaker Horizon Pharma (HZNP) fell sharply in early trading Wednesday after pharmacy benefit manager Express Scripts (ESRX) sued it for allegedly unpaid rebates and cut a specialty pharmacy Horizon had been using out of its network. Express Scripts had been reviewing what it calls “captive” specialty pharmacies ever since allegations of misconduct emerged last month against Philidor, a specialty pharmacy whose sole customer was Valeant