Depomed (DEPO) to Seek a Sale - Report

September 16, 2016 6:25 AM EDT

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Depomed (Nasdaq: DEPO) is up sharply in pre-open trade (+12.9%) following reports from Reuters the company is preparing to sell itself amid pressure from activist investor Starboard Value LP.

Negotiations with potential buyers are expected to start after the company receives a court decision clarifying the patent exclusivity of Nucynta, which is expected by month end.

The company is working with Morgan Stanley, which last year helped the company rebuff a $3 billion unsolicited stock-for-stock offer from Horizon Pharma Plc (Nasdaq: HZNP).

A separate report from the New York Post said the company has already rebuffed an offer KKR-backed Arbor Pharmaceuticals.

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