Depomed rejects Horizon Pharma's latest buyout offer

Depomed Inc's board of directors has rejected Horizon Pharma PLC's latest buyout offer.

On July 21, Dublin-based Horizon boosted its offer to $33 per share in stock from its initial offer of $29.25 per share for the drugmaker. A week prior, Depomed rejected the initial offer and adopted a "poison pill" plan to try and stave off the hostile takeover offer.

On Wednesday, Depomed said the latest offer undervalues the company.

Newark, California-based Depomed has a portfolio that includes the migraine drug Cambia and the painkiller Nucynta ER.