BUZZ-Auxilium Pharmaceuticals Inc: Set to open above Endo's offer

Wed Sep 17, 2014 6:32am EDT
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** Biotechnology company's shares up about 34 pct at $28.80 premarket

** Endo International Plc said on Tuesday it made an unsolicited offer to buy Auxilium for about $2.2 billion, or $28.10 per share

** Analysts said offer could complicate Auxilium's buyout of Canadian eye drug maker QLT Inc .

** "Now that Auxilium is firmly in play, we expect the company's (mostly frustrated) shareholder base to push for a sale to the highest bidder," Cowen & Co analysts said in a note on Wednesday

** "Auxilium has a higher value as a standalone company with a $34 price target and we believe Endo's own proposed synergies would justify an even higher takeout price," Jefferies analysts said

** Up to Tuesday's close, the stock had risen 4 pct since June 26, when Auxilium announced the QLT deal