Endo International (ENDP) confirmed that it has made a bid of $175 share for Salix Pharmaceuticals (SLXP), after Valeant Pharmaceuticals (VRX) announced in late February it had reached a deal to buy Salix for $158 a share. Endo said it would offer cash and stock — reportedly 1.4607 Endo shares plus $45 in cash for each share of Salix,, which specializes in gastrointestinal drugs. Trading of Salix shares and Endo were halted pending Endo’s
Valeant Pharmaceuticals International (VRX) confirmed Sunday that it will buy smaller rival Salix for $158 a share, with a total enterprise value of $14.5 billion. Both companies’ boards have approved the all-cash offer. They expect the merger to yield more than $500 million in cost savings, and boost EPS by 20% in 2016. Salix Pharmaceuticals (SLXP) shares rose 4.7% on the stock market Friday to 157.85, amid widespread reports that a deal was
Five notable IBD 50 stocks are all set to issue their quarterly earnings in the coming week. United Therapeutics (UTHR) reports before the open on Tuesday. The cancer therapy developer’s stock is up 20% so far this year. Valeant Pharmaceuticals (VRX) also reports before the open on Tuesday. It could close its $160-a-share buyout deal with industry group peer Salix Pharmaceuticals (SLXP) soon. Valeant shares are up 21% in 2015. Apple (AAPL) chip