Horizon Drops Bid For Depomed After Legal Setback

Horizon Pharma PLC said late Thursday that it would drop its takeover bid for Depomed Inc. after a judge's ruling against Horizon. The months-long drama finally reached an end after a judge in Santa Clara, Calif., ruled for Depomed in a battle involving Horizon's attempts to use confidential Depomed information and invalidate "poison pill" rules Depomed installed in July. With Depomed winning on both fronts, Horizon decided to pull its offer for the pain-pill company. "While we strongly disagree with the court's ruling, we are withdrawing our offer to acquire Depomed," Timothy Walbert, president and chief executive of Horizon, said in the announcement. Irish biopharmaceutical giant Horizon had been pursuing Depomed, based in Newark, Calif., since May with a series of offers that Depomed had steadily rebuffed. Both companies' stocks gained in after-hours trading Thursday evening, with Horizon adding 0.4% and Depomed gaining 3.7%.