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May 27, 2015, 5:26 PM
- The FDA approves two new drugs to treat adult patients with irritable bowel syndrome (IBS) with diarrhea. IBS affects as many as 15% of adult Americans. Those sufferers with loose or watery stools at least 25% of the time are a subgroup.
- Viberzi (main ingredient unspecified), manufactured by privately-held Patheon and distributed by Forest Pharmaceuticals (NYSE:ACT), activates receptors in the nervous system that can lessen bowel contractions. It is an oral medication taken twice per day.
- Xifaxan (rifaximin), developed by Salix Pharmaceuticals (NASDAQ:SLXP) (NYSE:VRX), is an antibiotic previously approved for the treatment of travelers' diarrhea caused by E. coli and for reducing the risk of overt hepatic encephalopathy. It is an oral medication taken three times per day for 14 days.
Mar. 31, 2015, 9:39 AM
- AstraZeneca (AZN -2%) launches Movantik (naloxegol) in the U.S., a once-daily oral medication for the treatment of opioid-induced constipation (OIC) in adult patients with chronic, non-cancer pain.
- Opioids work by binding to mu-receptors in the brain and other parts of the central nervous system. Unfortunately, mu-receptors also exist in the bowel which leads to OIC. Movantik is mu-opioid receptor antagonist.
- Movantik will be co-promoted in the U.S. by Daiichi Sankyo (OTCPK:DSNKY).
- Previously: AstraZeneca inks U.S. co-commercialization deal for OIC med (March 19)
- Related tickers: (NKTR -1%)(PGNX +0.5%)(CBST)(SLXP +0.1%)(SGYP -2.4%)
Mar. 16, 2015, 8:12 AM
- In response to Endo's (NASDAQ:ENDP) cash-and-stock bid of $175 for Salix Pharmaceuticals (NASDAQ:SLXP), Valeant Pharmaceuticals (NYSE:VRX) ups it all-cash bid to $173, representing an enterprise value of $15.8B. Valeant expects the transaction to close on April 1, contingent on the satisfaction of the minimum tender condition.
- As a result of the sweetened offer, the termination fee increases $100M to $456M.
- Previously: Endo makes a move for Salix Pharma (March 11)
Mar. 16, 2015, 1:47 AM
- Endo International (NASDAQ:ENDP), which is in a bidding war with Valeant Pharmaceuticals (NYSE:VRX) for Salix Pharmaceuticals (NASDAQ:SLXP), believes it could close a takeover within as little as five weeks of a negotiated deal, Reuters reports.
- The timing is possible because under Irish law, there is only a minimum of 17 days required between mailing proxy materials and holding a shareholder meeting. The $11.2B proposal is also not subject to financing conditions.
- Previously: Endo makes a move for Salix Pharma (Mar. 11 2015)
- Previously: Endo would have to eat breakup fee to get Salix (Mar. 11 2015)
- Previously: Valeant bond sale continues despite Endo bid (Mar. 12 2015)
Mar. 13, 2015, 4:10 PM
- Unsurprisingly, considering the competing bid from Endo (NASDAQ:ENDP), Valeant Pharmaceuticals (NYSE:VRX) increases its debt offering from $9.6B to $10.1B that it will use to principally fund its acquisition of Salix Pharmaceuticals (NASDAQ:SLXP). The tranches are as follows (values are aggregate principal amounts and all are senior unsecured notes):
- $2.0B 5.375% notes due 2020; $3.25B 5.875% notes due 2023; €1.5B 4.50% notes due 2023 and $3.25B 6.125% notes due 2025.
- The company continues to expect the transaction to close by April 1.
Mar. 12, 2015, 3:21 AM
- Valeant (NYSE:VRX), which is currently marketing a $9.6B high-yield bond to finance its planned acquisition of Salix Pharmaceuticals (NASDAQ:SLXP), is not pulling the deal despite reports that Endo International (NASDAQ:ENDP) is making a rival bid.
- A road show for the deal - which would be the second largest junk bond on record - started on Tuesday.
- Endo's bid values Salix at $175/share ($11.2B) in cash and stock, while Valeant's $10.1B offer consists of $158 per share in cash.
- Previously: Endo launches $175/share bid for Salix (Mar. 11 2015)
- Previously: Valeant initiates debt offering (Mar. 09 2015)
- VRX +2% AH
Mar. 11, 2015, 2:45 PM
- Endo (NASDAQ:ENDP) has submitted a proposal to Salix's (NASDAQ:SLXP) board to buy Salix for $175/share ($11.2B) in cash and stock, based on yesterday's closing prices.
- In an open letter (.pdf) to Salix's board, Endo states it's offering $45 in cash and 1.46 Endo shares for each Salix share. It predicts a deal would be accretive to 2017 EPS by 15%-20% relative to Endo's current plan.
- The offer price represents an 11% premium to Valeant's (VRX -2.7%) $158/share all-cash February deal to acquire Salix. Endo would have to pay a $5.50/share breakup fee to make the deal happen.
- Endo and Salix both remain halted. Before the halts, Endo was down 1.1% to $88.02, and Salix up 6.5% to $167.82.
- Prior Endo/Salix coverage: I, II
Mar. 11, 2015, 1:08 PM
- If Endo International (ENDP +0.5%) is ultimately successful in buying Salix Pharmaceuticals (SLXP +6.2%) for $170 - 175 per share, it would have to pay the breakup fee of $356M owed to Valeant (VRX -5.8%) which would add ~$5.50 per share to the deal.
- Endo made its offer in a private letter sent to Salix's BOD today.
- Update: The price being bantered about on social media is $165/share so, apparently, the breakup fee is included in the previous range of $170 - 175. Also, the offer is allegedly 25% cash and 75% stock.
Mar. 11, 2015, 12:51 PM
- According to a tweet from CNBC Now, Endo International (ENDP +4.1%) makes a bid for Salix Pharmaceuticals (SLXP +7.5%) despite the progress on funding made by acquirer Valeant Pharmaceuticals (VRX -3.9%).
- Valeant announced its takeover on February 22 for $158 per share.
- Previously: Valeant initiates debt offering (March 9)
- Previously: Report: Valeant to buy Salix for $10.1B (Feb. 22)
- Update: Endo's offer is supposedly $170 - 175 per share.
Mar. 9, 2015, 5:37 PM| Mar. 9, 2015, 5:37 PM
Mar. 2, 2015, 4:43 PM
- Salix Pharmaceuticals (NASDAQ:SLXP) Q4 results ($M): Net Product Revenues: 13.5 (-94.3%); Total Costs and Expenses: 436.9 (+171.4%); Net Loss: (287.6) (-819.0%); Loss Per Share: (4.51) (-877.6%); Quick Assets: 499.3 (-56.9%).
- Management believes Q4 product revenues would have been ~$360M on a prescription demand basis.
- As of December 31, wholesaler inventory levels were ~six months for Xifaxan and Apriso, ~five months for Glumetza and ~four months for Uceris.
Mar. 2, 2015, 4:07 PM
- Salix Pharmaceuticals (NASDAQ:SLXP): Q4 EPS of -$2.61 may not be comparable to consensus of -$0.25.
- Revenue of $13M (-95.0% Y/Y) misses by $177.91M.
Mar. 2, 2015, 1:50 PM
- Salix Pharmaceuticals (SLXP -0.2%) reports Q4 and full-year results today after the close. The conference call will begin at 4:30 pm ET.
- Consensus views for Q4 and 2014 are a loss per share of ($0.25) and EPS of $3.84 on revenues of $190.9M and $1.3B, respectively.
Mar. 1, 2015, 5:35 PM
Feb. 22, 2015, 4:25 PM
- Transaction represents total EV of $14.5B.
- Expected to achieve run-rate cost synergies of more than $500M within six months.
- Conference call on Monday at 8:00 AM.
- Previously: Report: Valeant to buy Salix for $10.1B (Feb. 22)
- Related: Valeant To Acquire Salix Pharmaceuticals: Is It A Big Mistake? (Feb. 22)
Feb. 22, 2015, 6:53 AM
- Valeant Pharmaceuticals (NYSE:VRX) has agreed to buy Salix Pharmaceuticals (NASDAQ:SLXP) for about $10.1B, or $158 per share in cash, Bloomberg reports.
- Two other drugmakers were rumored to be on the hunt for Salix prior to the newly reported deal, including Endo International (NASDAQ:ENDP) and Shire (NASDAQ:SHPG).
- On Friday, Salix shares rose $7.11 to $157.85, almost completely eliminating any premium in the purchase price.
- Separately, Valeant received approval to buy the assets of bankrupt Dendreon (OTCPK:DNDNQ) for $495M. Dendreon is best known for its prostate cancer vaccine, Provenge.
Salix Pharmaceuticals Ltd is a specialty pharmaceutical company. The Company is engaged in acquiring, developing and commercializing prescription drugs and medical devices used in the treatment of gastrointestinal disorders.
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