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NEW YORK, Feb 22 (Reuters) - Valeant Pharmaceuticals International Inc. agreed to acquire Salix Pharmaceuticals Ltd. for $158.00 per share, or a total enterprise value of $14.5 billion, the two companies said on Sunday.
The transaction, an all-cash tender offer for all the outstanding shares of Salix, was approved by the boards of directors of both companies, the companies said in a news release.
The merger is expected to yield more than $500 million in annual cost savings from the cost base of the combined company, the release said. (Reporting by Herbert Lash; Editing by Frances Kerry)