Valeant Pharmaceuticals International Inc’s bid for Salix Pharmaceuticals trumped by Endo International

Valeant Pharmaceuticals International Inc's chief executive Mike Pearson agreed to buy bowel drug maker Salix Pharmaceuticals Ltd in late February for about US$10 billion, or US$158 all cash offer per share.

Could it be two in a row?

That\’s the situation Valeant Pharmaceuticals might be facing since a rival bidder has emerged having a plan to upset its late February US$10.1 billion, all-cash, negotiated purchase of Salix Pharmaceuticals Ltd.

That surprise Salix bid, Wednesday, by Ireland\’s Endo International plc, came only one day after Allergan Inc. – the target of Valeant\’s last unsuccessful takeover attempt – officially sealed its sale to rival bidder Actavis PLC, with shareholders of these two companies agreeing to the US$66-billion deal that beat out Valeant\’s offer.

Endo said inside a statement it plans to offer US$175 per Salix share – payable in cash and stock – via a negotiated transaction. That proposal was announced under three weeks after Valeant and Salix signed off on the US$158 per share transaction.

Related

Categories: Economy

Tags: ,,,,

Leave A Reply

Your email address will not be published.