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January 29, 2013
16:31 EDTDEPODepomed files patent infringement suit against Purdue Pharma
Depomed disclosed in a regulatory filing that on January 29, Depomed filed a complaint in the United States District Court for the District of New Jersey against Purdue Pharma and affiliated companies for infringement of U.S. Patent Nos. 6,340,475; 6,635,280; and 6,723,340. The complaint alleges infringement of the Depomed patents arising from Purdue’s commercialization of OxyContin in the United States. The Depomed patents relate to Depomed’s Acuform drug delivery technology. U.S. Patent Nos. 6,340,475 and 6,635,280 will expire in 2016, and U.S. Patent No. 6,723,340 will expire in 2021.
News For DEPO From The Last 14 Days
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November 23, 2015
07:37 EDTDEPOHorizon Pharma reinstated with a Buy at Jefferies
Jefferies analyst David Steinberg reinstated Horizon Pharma (HZNP) with a Buy rating and reduced price target of $32. The company's standalone growth "appears healthy" and a near-term deal is likely following its failed attempt to acquire Depomed (DEPO), Steinberg tells investors in a research note.
November 20, 2015
09:10 EDTDEPOOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), up 16.3%... Foot Locker (FL), up 4.8%. ALSO HIGHER: Horizon Pharma (HZNP), up 1.6% after withdrawing offer to acquire Depomed (DEPO)... Nike (NKE), up 4.3% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 45.3%... Mentor Graphics (MENT), down 28%. ALSO LOWER: Depomed, down 5.9% after Horizon Pharma withdrew its offer to acquire the company... Builders FirstSource (BLDR), down 3.7% after 7M share Spot Secondary priced at $13.25.
05:17 EDTDEPODepomed comments on Horizon Pharma withdrawal of offer to acquire company
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05:13 EDTDEPOHorizon Pharma withdraws offer to acquire Depomed
Horizon Pharma (HZNP) announced that at a hearing, Judge Peter Kirwan of the Superior Court of California for the County of Santa Clara granted Depomed's (DEPO) motion for preliminary injunctive relief against Horizon Pharma's alleged use of information that Depomed claimed was confidential. In his ruling, Judge Kirwan did not grant the injunctive relief Horizon Pharma had sought regarding the legality of Depomed's poison pill and certain of the bylaw amendments announced by Depomed's board of directors on July 13. While we strongly disagree with the court's ruling, we are withdrawing our offer to acquire Depomed," said Timothy P. Walbert, chairman, president and CEO, Horizon Pharma. "Today's ruling by the court does not affect our 2016 guidance or long-range plan or expectations. We have built a strong and diversified portfolio of medicines that we expect will exceed $750Mn in net sales in 2015 and we expect will drive nearly $1B in net sales in 2016. As we look to the future, we are committed to our strategy of complementing our strong organic growth, which has the potential to double our net sales to approximately $2B by 2020, with value enhancing acquisitions. While we are disappointed by the court's ruling, Depomed was only one of many attractive acquisition opportunities we have been actively pursuing."
November 17, 2015
16:59 EDTDEPODepomed acquires U.S. rights to pain product from Grunenthal
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November 13, 2015
14:06 EDTDEPOHorizon Pharma extends exchange offer to acquire Depomed
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November 11, 2015
14:05 EDTDEPODepomed price target raised to $24 from $21 at Roth Capital
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09:59 EDTDEPOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aegerion (AEGR) upgraded to Neutral from Underperform at BofA/Merrill... Depomed (DEPO) upgraded to Buy from Hold at WallachBeth... Etsy (ETSY) upgraded to Neutral from Sell at Monness Crespi... First Republic (FRC) upgraded to Outperform at Raymond James... Gulfport Energy (GPOR) upgraded to Neutral from Sell at Goldman... Intrexon (XON) upgraded to Neutral from Underperform at Mizuho... Premier (PINC) upgraded to Outperform from Market Perform at Avondale... SVB Financial (SIVB) upgraded to Overweight from Equal Weight at Morgan Stanley... Superconductor Technologies (SCON) upgraded to Buy from Neutral at Ladenburg... TC PipeLines (TCP) upgraded to Buy from Neutral at Ladenburg... Trina Solar (TSL) upgraded to Overweight from Equal Weight at Morgan Stanley... Tyco (TYC) upgraded to Overweight from Neutral at JPMorgan... Voya Financial (VOYA) upgraded to Overweight from Equal Weight at Morgan Stanley... adidas (ADDDY) upgraded to Buy from Hold at Deutsche Bank.
08:31 EDTDEPOSpecialty pharmacy ties claim next victim in Horizon Pharma
Shares of Horizon Pharma (HZNP) are sharply lower this morning after pharmacy benefit manager Express Scripts (ESRX) cut ties with a specialty pharmacy called Linden Care, which is used by Horizon. The trouble for Horizon is reminiscent of the recent issues suffered by fellow drugmaker Valeant (VRX) due to its own association with a specialty pharmacy. WHAT'S NEW: Express Scripts, the nation's largest pharmacy benefit manager, has stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma. In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Horizon repeated its previous assertions that it does not own or have an ownership stake in any pharmacy, does not possess an option to purchase any pharmacy and that all pharmacies that distribute Horizon branded medicines are fully independent. WHAT'S NOTABLE: The fight between Express Scripts and Horizon over Linden Care comes amid the ongoing saga playing out between Valeant and its prior specialty pharmacy partner, Philidor Rx Services. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy had informed the drugmaker that it will shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. DEPOMED PURSUIT: In September, Horizon commenced an exchange offer for all of the outstanding shares of common stock of Depomed (DEPO). Under the terms of the offer, tendering Depomed shareholders would be able to exchange each share of Depomed common stock for 0.95 Horizon Pharma ordinary shares. Depomed's board has unanimously rejected Horizon's unsolicited exchange offer, highlighting reservations about Horizon's business model and strategy, while observing that the nature of Horizon's business model "had the potential to lead to significant volatility in the price of Horizon stock." This morning, WallachBeth analyst Brian Jeep upgraded Depomed to Buy, citing valuation and the potential of the Nucynta franchise following the company's better than expected Q3 results. Jeep keeps a $33 price target for Depomed shares. PRICE ACTION: In pre-market trading, Horizon Pharma fell over 17% to $18.50 per share, while Depomed slid nearly 6% to $20 per share.
06:06 EDTDEPODepomed upgraded to Buy from Hold at WallachBeth
WallachBeth analyst Brian Jeep upgraded Depomed to Buy citing valuation and the potential of the Nucynta franchise following the company's better than expected Q3 results. Jeep keeps a $33 price target for shares.

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