Horizon Pharma plc Increases Offer for Depomed, Inc. to $33.00 per Share

DUBLIN, IRELAND--(Marketwired - Jul 21, 2015) - Horizon Pharma plc (NASDAQ: HZNP), a biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs, announced today that it has increased the value of its all-stock acquisition proposal to $33.00 per share from $29.25 per share, contingent on Depomed entering into good faith discussions regarding a transaction. The increased offer represents a 60 percent premium to the closing price of Depomed on July 6, 2015, the day prior to when Horizon's initial proposal was made public.

"Based on discussions we've had with Depomed's largest shareholders as well as our own shareholders, it is clear that they and the investment community strongly support a combination of our two businesses," said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. "We are resolute in our commitment to acquire Depomed and we call upon Depomed's board of directors to listen to their shareholders, fulfill their fiduciary responsibilities and meet with us in order to promptly complete a negotiated transaction."

The increased offer was communicated to the Depomed board of directors, Inc. today, July 21, 2015, the full text of which follows below:

July 21, 2015

Board of Directors
Depomed, Inc.
7999 Gateway Blvd., Suite 300
Newark, CA 94560

Dear Madam and Sirs,

It has been almost two months since we formally communicated our proposal to acquire Depomed, Inc. ("Depomed"). We remain surprised and disappointed by your lack of willingness to engage in a constructive dialogue with the Horizon Pharma plc ("Horizon") team regarding our offer.

We announced yesterday our estimated net sales for the second quarter of 2015 as well as new guidance with respect to estimated 2015 net sales and adjusted EBITDA. Horizon's net sales for the second quarter of 2015 of $170 to $172 million represents an increase of greater than 50 percent versus the first quarter of 2015 and greater than 160 percent versus the second quarter of 2014. These results demonstrate the strength of our management team and the commercial model we have developed. We suggest our second quarter results and increased guidance should provide additional evidence of the value Horizon's commercial and management teams would contribute to the future growth of Depomed's medicines.