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
Horizon Pharma (HZNP) has turned down nearly 30 deals this year as it continues on the hunt for drug acquisitions, UBS said Friday as it raised its price target on Horizon Pharma stock as well as its revenue estimates. In a research report, UBS analysts Marc Goodman and Ami Fadia wrote that “because of its track record and balance sheet, (Horizon) has hit the radar of more potential sellers of assets.” With a market cap just over $5 billion,