Horizon in ‘hostile bid’ for US pharma

Dublin-domiciled Horizon Pharma has tabled a hostile bid — valued at $3bn (€2.74bn) — for US-based speciality pharmaceutical company Depomed.

The unsolicited bid — which includes debt — follows earlier rejected attempts for a deal.

Horizon is offering $29.25 per share for Depomed in a stock transaction, 42% more than Depomed’s closing price, the Illinois-based company said in a statement. The equity value of the deal is about $1.8bn.