- ""While we strongly disagree with the court's ruling, we are withdrawing our offer to acquire Depomed (DEPO)," says Horizon Pharma (HZNP) CEO Timothy Walbert, after a California court blocked the Horizon bid, saying it was based on improper use of confidential information.
- "Depomed was only one of many attractive acquisition opportunities we have been actively pursuing," Walbert adds, noting the court ruling won't affect 2016 guidance nor the company's long-range plan or expectations.
- Commenting on the news, Depomed - which fought the takeover bid over the last six months - reiterates its belief in the strong growth ahead, particularly from its acquisition of the U.S. rights to pain killer Nucynta (it was this drug - which Horizon had also bid for - that led to the confidentiality issues the court ruled on today).
- DEPO +3.7% after hours.