NEW YORK, Oct 3 (Reuters) - Shares of Salix Pharmaceuticals Ltd were higher in premarket trading on Friday, up 3.2 percent to $156 in heavy volume.
The move came after the company said it had terminated a merger agreement with Swiss-listed Cosmo Pharmaceuticals SpA , citing a “changed political environment” related to “inversions,” where a company reincorporates abroad in order to escape U.S. taxes.
Separately, Credit Suisse upgraded the stock to “neutral” from “underperform” and raised its price target to $155 from $139.
Salix has been a strong performer this year, up about 68 percent in 2014.
Futures snapshot at 0814 EDT:
* S&P 500 e-minis were up 12 points, or 0.62 percent, with 150,451 contracts changing hands.
* Nasdaq 100 e-minis were up 22 points, or 0.55 percent, in volume of 22,800 contracts.
* Dow e-minis were up 89 points, or 0.53 percent, with 20,886 contracts changing hands. (Editing by Bernadette Baum)