Drugmaker Horizon Pharma PLC is boosting its offer for Depomed to $33 per share.
That's up from $29.25 per share.
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The Dublin-based company said Tuesday that the new offer is contingent on Depomed entering "good faith" talks on the transaction.
Last week Depomed Inc. — which had rejected Horizon's initial bid — adopted a "poison pill" plan after Horizon went hostile with its takeover offer.
Depomed, based in Newark, California, has a portfolio that includes the migraine drug Cambia and the painkiller Nucynta ER.