Dublin-based Horizon Pharma has made an unsolicited offer to acquire its smaller American rival, Depomed, in an all-share deal valued at about $3 billion.
Horizon says it has confidentially tried to negotiate with the management and board for Depomed -- a California-based specialty pharma company focused on pain meds for severe pain -- for months, only to be rejected.
The hostile bid brings Horizon's proposal to the Depomed shareholders, who the Horizon CEO expects will "understand the financial, strategic and operational benefits of this transaction."
Read the Horizon press release