DEPO acquisition is not a deal especially if HZNP pays with shares.
HZNP is paying too many shares for something that does not worth in this environment.
I tell HZNP forget DEPO and look for better deals. This the time to get something cheap.
Why HZNP is offering such a high price?
Based on only 2016 income $1.42/$1.87 = 0.75 this should be the conversion. However, if you add other metrics like cash and other thing then 0.65 to 0.70 is reasonable.