Horizon challenges Depomed's poison pill, seeks to replace directors

4 August 2015

Ireland-based Horizon Pharma (Nasdaq: HZNP) has challenged Depomed’s (Nasdaq: DEPO) attempt to shield itself from a $1.75 billion hostile takeover bid.

The biotechnology company has also called for a special meeting to replace the directors of Depomed.

Horizon Pharma’s law suit contends Depomed's recently adopted poison pill defence is allowing the directors to wrongfully disallow acquisition bids and does not take into account the best interest of the investors.

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