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Valeant Ups Bid for Salix

Offers an additional $1 billion in cash

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By: Kristin Brooks

Managing Editor, Contract Pharma

Valeant Pharmaceuticals and Salix Pharmaceuticals have amended their merger agreement from February 20, 2015. Valeant has increased the offer price  to a total value of approximately $15.8 billion, an additional $1 billion in cash or an increase of 9.5%. The amendment was approved by the boards of directors of both companies. Valeant expects to close the transaction on April 1, 2015.  
 
“We continue to be very excited about the combination of our two companies and we are committed to getting this deal done,” said J. Michael Pearson, chairman and chief executive officer of Valeant. “This revised offer provides Salix shareholders with all-cash at a significant premium and the certainty to close by April 1.  By offering a significant premium with a 100% cash offer, eliminating market and company equity risk that could arise from other non-cash offers with a 4+ month closing timeline instead of a closing by April 1st, our new arrangement creates significant shareholder value for Salix..” 
 
Thomas W. D’Alonzo, chairman of the board and acting chief executive officer of Salix, said, “We are pleased that the enhanced offer price recognizes the value of Salix as the leading gastrointestinal specialty pharmaceutical company and delivers to our stockholders all cash consideration in the near future.”

In turn, Endo International plc is withdrawing its proposal to acquire Salix Pharmaceuticals. “While we are disappointed with this outcome, we have been and will continue to be disciplined in our approach to potential acquisitions. We would like to wish Salix and Valeant continued success as they move forward with their transaction. As a next step, Endo is focusing our attention on other opportunities in our robust deal pipeline and on maximizing our organic growth initiatives including progressing our R&D pipeline.  We will continue to drive Endo’s growth as a global leader in specialty pharmaceuticals and look forward to creating value for our shareholders while improving patients’ lives.”

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