Horizon abandons its hostile pursuit of Depomed

Ending a months-long saga of acrimony and legal wrangling, Horizon Pharma ($HZNP) is walking away from its hostile effort to acquire Depomed ($DEPO), thwarted by a judge's ruling. Horizon had hoped to buy Depomed for $33 a share and spent months pressuring management and agitating for a special shareholder meeting to vote on its offer. But Depomed filed suit claiming Horizon had used confidential information to set its asking price, and a California judge agreed in a ruling handed down this week. That was enough to debilitate Horizon's buyout effort, and the company has now withdrawn its offer. More from FiercePharma

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