the offer premium was 60% for depo from Horizon pre offer ... judging on current price, though the street seems to assume a 1:1 deal eventually going thru. If HZNP goes with another company and drops this deal, the last good earnings report will not protect DEPO ... it will be a 50% drop. just be careful ... imho
I suspect HZNP has other deals in the pipeline, albeit smaller deals ala Pennsaid type ... hopefully they will announce them soon. Stock price simply giving back some percent of the runup hoping for a quicker Depomed deal. But Depomed still trading only few % lower than the offer price, meaning that they still expect the deal to get done, just now there are greater chance of failure.