Horizon Pharma PLC -- Moody's: Horizon's new Depomed offer reduces upward credit pressure

New York, August 13, 2015 -- Moody's Investors Service commented that the revised offer by Horizon Pharma plc ("Horizon") to purchase the outstanding equity of Depomed, Inc. (unrated) reduces upward credit pressure for Horizon because it has an option for shareholders to choose cash financing for up to 25% of the purchase price. Horizon's previous offer for Depomed was fully comprised of equity. At this time there are no changes to Horizon's ratings or outlook. Horizon's subsidiary Horizon Pharma, Inc. is rated B2 (Corporate Family Rating) with a stable rating outlook.

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