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Horizon Pharma pulls offer for Depomed

Nov. 19, 2015 10:24 PM ETAssertio Holdings, Inc. (ASRT) StockBy: Stephen Alpher, SA News Editor7 Comments
  • ""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.

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