(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. It said it would review Horizon’s latest request, as it pertains to the company’s bylaws, if it receives that request Monday. It would fix a date no later than August 31 to determine shareholders entitled to request a special meeting. Depomed said it plans to file a complaint in state court in California against Horizon in regard to that company’s lawsuit.
Horizon Pharma makes the rheumatoid arthritis drug Duexis. Depomed has a portfolio that includes the migraine drug Cambia and the painkiller Nucynta ER.
