BUZZ-Salix Pharmaceuticals: Rises in heavy trading on reported bid from Endo

Wed Mar 11, 2015 1:31pm EDT
 
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** Salix shares jump 5.8 pct on heavy volumes after WSJ reports Endo International making a counter bid for company

** Salix shares see more than $1.7 bln traded with bulk of the volume coming in last hour

** Endo sends private letter to Salix's board, offers $170-$175 per share in cash and stock deal, people familiar with the matter tell WSJ (link: on.wsj.com/1AjNWYY)

** ENDP offer compares with $158-per-share that Canadian drug maker Valeant Pharmaceuticals International offered for Salix last month

** ENDP shares touch $92.80 record high before reversing to trade in the red. Shares last down 2.6 pct

** Valeant's U.S.-listed shares down 3.8 pct on news. Source tells Reuters IFR that Valeant sticking to $9.6 bln bond sale

** Biotech M&A off to flyer in 2015 with YTD transactions targeting biotech & pharma companies nearly doubling vs same period a year ago (Messaging: lance.tupper.thomsonreuters.com@reuters.net)