The drug industry’s recent spate of deals got another shot in the arm Monday as Bristol-Myers Squibb announced plans to acquire a privately held drugmaker for up to $1.25 billion, a day after Valeant Pharmaceuticals International (VRX) said that it will buy Salix Pharmaceuticals for $14.5 billion. Bristol-Myers Squibb (BMY) early Monday agreed to buy Flexus Biosciences, a San Carlos, Calif.-based biotech, to expand its line of anti-cancer
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