SAN FRANCISCO-- Let Depomed be clear: it may not have been too keen on Horizon Pharma's buyout offer from last year, but that doesn't mean it's opposed to a takeover.
Depomed agreed to pay $25 million to get its hands on a late-stage pain treatment from Germany's Grünenthal dubbed Cebranopadol.
Ending a months-long saga of acrimony and legal wrangling, Horizon Pharma is walking away from its hostile effort to acquire Depomed, thwarted by a judge's ruling.
After 8 months of first cajoling and then browbeating, Horizon Pharma has given up its hostile takeover attempt to buy Depomed. It threw up its hands and walked away after a California judge stymied its effort, ruling that Horizon had improperly used confidential information in its bid.
Depomed agreed to pay $25 million for the rights to a novel pain treatment from Germany's Grünenthal, signing a deal that will also settle the company's long-running patent lawsuit against Endo Pharmaceuticals
Depomed's relaunch of the Nucynta franchise--purchased earlier this year from Johnson & Johnson--is off to a running start, the company said last week with its Q3 earnings announcement. And it expects that momentum to carry it all the way to blockbuster land.
Depomed's relaunch of the Nucynta franchise--purchased earlier this year from Johnson & Johnson--is off to a running start, the company said last week with its Q3 earnings announcement. And it expects that momentum to carry it all the way to blockbuster-land.
Opioid makers thought they had dodged a litigation bullet 6 months ago when a federal judge dismissed a lawsuit by the City of Chicago trying to hold them accountable for an "epidemic" of painkiller, and even heroin, abuse. But the city is being tenacious and has refiled lawsuits claiming 6 drugmakers overstated the claims of the drugs' benefits while downplaying their risks.
If Horizon wants to make any headway in its hostile pursuit of Depomed, it's going to have to call a pair of shareholder meetings. First, though, its target's shareholders have to provide consent for those meetings--something proxy advisory firm ISS recommends they do.
Horizon Pharma has officially begun mailing solicitation materials to shareholders of unwilling M&A target Depomed, including a letter related to its efforts to call the two special meetings it'll need if it wants to seal its deal.