Horizon Pharma PLC (NASDAQ: HZNP) has gone hostile in its attempt to take over DepoMed Inc. (NASDAQ: DEPO). The offer is valued at roughly $29.25 per share of DepoMed, or $1.75 billion, and the transaction would be all stock. Horizon values the entire exchange at about $3 billion and commented that the deal would “immediately and substantially” add to the company’s earnings.

This comes after Horizon previously sent a letter to DepoMed on May 27, when the proposal was initially rejected. Reportedly, these companies have been in talks since March, but an agreement was never reached.

Horizon has now gone public with the offer because it said DepoMed executives had refused to engage in further talks.

The offer of $29.25 represents a premium of about 42% from Monday’s closing price of $20.64. Also, DepoMed shareholders would end up with a 25% stake in the newly combined company.

Outside of the premium that shareholders would receive in this offer, Horizon is based in Ireland, which could produce considerable tax savings for the combined company.

According to Horizon, the combined company would have 13 marketed medicines, which would nearly double the company’s current portfolio. Full-year pro forma sales would exceed $950 million, with an adjusted EBITDA of $350 million.

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Shares of DepoMed jumped about 39% to a new 52-week high of $28.75 early Tuesday. The stock has a consensus analyst price target of $27.43 and a 52-week low of $9.85.

Horizon shares were down 5.6% in the late morning, at $32.59 in a 52-week range of $7.85 to $35.70. The consensus price target is $38.00.

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