Endo International inked a deal to buy fellow specialty drugmaker Auxilium Pharmaceuticals Thursday after raising its initial bid by nearly 20% to $2.6 billion in cash and stock, or $33.25 a share. Auxilium’s shares rose 9% to 32.44, while Endo’s stock fell 5.9% to 66.78. Endo (ENDP) first approached Auxilium (AUXL) in mid-September, and on Sept. 16 it announced a $2.2 billion offer, sending Auxilium’s stock up nearly 45% the next day. Auxilium
Auxilium Pharmaceuticals’ (AUXL) board said Monday that a $2.2 billion takeover offer from Endo International “significantly undervalues” the company. But the specialty-drug maker stopped short of an outright rejection of the unsolicited takeover bid from Endo (ENDP) and left open a chance of further discussions on a potential deal. Auxilium stock was nearly flat on the stock market today on the news, while Endo’s was down over 2.5%. Chesterbrook,
Specialty drugmaker Auxilium Pharmaceuticals said Wednesday that it will review an unsolicited $2.2 billion takeover bid from Endo International, announced late Tuesday. But the board adopted a shareholder-rights or “poison pill” plan to deflect a hostile takeover attempt, and many analysts argued Endo will have to pay more to win Auxilium. The market seemed to be rooting for it to happen. Auxilium (AUXL) stock surged 45% to 31.17 , above the