NEW YORK (AP) — Biotechnology company Horizon Pharma PLC asked Depomed Inc. to set a shareholder vote for its hostile takeover offer and is filing a lawsuit challenging the company's "poison pill" plan.
In July, Dublin-based Horizon Pharma boosted its offer for drugmaker Depomed to $33 per share from a prior offer of $29.95 per share. Depomed rejected the first offer and adopted the poison pill plan, which is designed to make a hostile takeover more difficult.
Newark, California-based Depomed rejected the second offer last week.
Horizon Pharma makes the rheumatoid arthritis drug Duexis. Depomed has a portfolio that includes the migraine drug Cambia and the painkiller Nucynta ER.