Ireland’s Horizon Pharma has made a $3bn offer to buy Depomed, a US-based maker of pain treatments.
Horizon has proposed to purchase all outstanding shares of Depomed for a per share consideration of $29.25, representing a premium of 42% to its closing price on 6 July.
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Depomed confirmed that it has secured an unsolicited, highly conditional and on-binding proposal from Horizon to acquire all of the outstanding shares of the company.
Horizon Pharma president and CEO Timothy Walbert said: "Despite our repeated attempts beginning in March to engage Depomed’s management and board of directors in friendly and confidential discussions, Depomed’s management and board have refused to engage in discussions with us and rejected our proposal."
The deal is expected to boost sales for both companies’ products and Depomed’s five different drugs would nearly double Horizon’s current portfolio size.
Depomed produces products to treat pain and other central nervous (CNS) system conditions.
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By GlobalDataThe company’s Nucynta franchise comprises Nucynta ER (tapentadol) extended release tablets indicated to manage pain, including neuropathic pain associated with diabetic peripheral neuropathy (DPN) and Nucynta (tapentadol) that is an immediate release version of tapentadol to manage moderate to severe acute pain in adults.
Its other products include Gralise (gabapentin) that is a once-daily treatment approved to manage postherpetic neuralgia and Cambia (diclofenac potassium for oral solution), which is a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks with or without aura in adults (18 years of age or older).
The company also produces Zipsor (diclofenac potassium) Liquid Filled Capsules, a non-steroidal anti-inflammatory drug indicated for relief of mild to moderate acute pain in adults, as well as Lazanda (fentanyl) Nasal Spray, which is an intranasal fentanyl drug used to manage breakthrough pain in adults (18 years of age or older).
Last year, Horizon paid $660m for Vidara Therapeutics International and earlier this year acquired Hyperion Therapeutics for $1.1bn.
