Endo Intl has offered to buy Salix Pharma -source

Wed Mar 11, 2015 2:02pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Mike Stone and Ankur Banerjee

March 11 (Reuters) - Endo International Plc has made an offer to buy Salix Pharmaceuticals Ltd for more than $10 billion, trumping Canada's Valeant Pharmaceuticals International Inc's offer, a person familiar with the matter said.

Valeant agreed to buy the bowel drug maker in late February for about $10 billion, or $158 all cash offer per share.

The Wall Street Journal, citing people familiar with the matter, earlier reported Endo's offer would be in cash and stock valued between $170 and $175 per share. (on.wsj.com/18c1JdD)

At $175 per share, the offer would value Salix at $11 billion.

The person asked not to be named because they were not authorized to speak on the record.

Endo, which makes drugs that focus on pain management, has expressed multiple times its interest in buying Salix, but has been rebuffed, sources told Reuters in February.

About $60 billion in deals have been agreed so far this year among biotech and pharma companies, the highest volume for this stage in any year since 2009.

Last week AbbVie Inc said it would buy Pharmacyclics Inc for about $21 billion to boost its cancer drug pipeline.   Continued...