Depomed fends off Allergan's attempt at generic painkiller
Depomed Inc. defeated an attempt by Allergan PLC and two other drugmakers to sell a generic version of one of Depomed's painkillers Friday. The company announced that a federal judge in New Jersey ruled that Depomed's patents were valid until at least 2025; Depomed said it would appeal an adverse ruling on a patent that would have allowed exclusivity until 2029. Depomed shares were halted about 45 minutes before the close and the official announcement, but shares jumped as much as 10% just before the halt and again topped $26 after resuming in late trading. Depomed has been the subject of acquisition rumors amid a build-up of shares by activist investor Starboard Value LP, despite fending off bids from Horizon Pharma PLC.
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