Depomed To Recommend Shareholders Reject Horizon Pharma's Takeover Bid

(RTTNews) - Biopharmaceutical company Depomed, Inc. (DEPO) said that its board of directors, has unanimously decided to recommend that its shareholders reject Horizon Pharma plc's (HZNP) unsolicited exchange offer to acquire all of the outstanding shares of Depomed at an exchange ratio of 0.95 of an ordinary Horizon share for each share of Depomed.

Jim Schoeneck, President and CEO of Depomed, and Peter Staple, Depomed's Chairman of the Board said, "We remain very confident in the growth prospects of NUCYNTA and our strong portfolio of products for pain and neurology related disorders. We continue to believe that Horizon's exchange offer is opportunistic and would transfer the future value of Depomed to Horizon at a price we believe does not represent the value of Depomed's assets, business and prospects."