Horizon Pharma Increases Offer for Depomed to $33.00 per Share

Horizon Pharma has increased the value of its all-stock acquisition proposal to $33.00 per share from $29.25 per share, contingent on Depomed entering into good faith discussions regarding a transaction. The increased offer represents a 60% premium to the closing price of Depomed on 6 July 2015, the day prior to when Horizon's initial proposal was made public.

"Based on discussions we've had with Depomed's largest shareholders as well as our own shareholders, it is clear that they and the investment community strongly support a combination of our two businesses," said Timothy P. Walbert, chairman, president and CEO, Horizon Pharma. "We are resolute in our commitment to acquire Depomed and we call upon Depomed's board of directors to listen to their shareholders, fulfill their fiduciary responsibilities and meet with us in order to promptly complete a negotiated transaction."