Salix Pharma Stock Falls Despite Tax-Inversion Deal
Specialty drugmaker and IBD 50 stock Salix Pharmaceuticals (SLXP) was down more than 4% in morning trading on the stock market today despite announcing a tax-inversion merger late Tuesday, as analysts were underwhelmed by the near-term benefits of the deal. In a stock swap, Salix agreed to merge with Cosmo Technologies, the Irish subsidiary of Italian drugmaker Cosmo Pharmaceuticals, which like Salix focuses on gastrointestinal diseases. Raleigh,