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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. 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.
Feb. 13, 2015, 1:58 AM
- Not only is Valeant Pharmaceuticals (NYSE:VRX) reportedly prepping a bid for Salix Pharmaceuticals (NASDAQ:SLXP), but Shire (NASDAQ:SHPG) is now rumored to be preparing an offer.
- Shire has taken initial steps towards a bid and is evaluating how to secure financing, sources told Reuters.
- Yesterday, Valeant Pharmaceuticals was reported to be arranging financing for a takeout of Salix at a likely price of more than $150 per share. Including net debt, Salix is valued at almost $11B.
- Previously: Valeant close to a bid for Salix (Feb. 12 2015)
- SLXP +1.2% premarket
Feb. 3, 2015, 12:43 PM
- Salix Pharmaceuticals (SLXP +3.9%) spikes from an intraday low of $133.65 to a high of $139.09 on alleged rumors of a bid by Valeant Pharmaceuticals (VRX -2.9%).
- Previously: Trading in Salix halted, possible sale in the works (Jan. 20)
Dec. 16, 2014, 9:10 AM
Nov. 7, 2014, 12:52 PM
Nov. 7, 2014, 9:14 AM
- Gainers: MITK +29%. RMTI +27%. RPRX +24%. SHLD +22%. CNET +15%. NETE +11%. PGNX +10%. ZNGA +9%. APT +9%. KING +9%. KING +9%. KGC +8%. TKMR +7%. AGIO +7%. BEBE +5%.
- Losers: SLXP -35%. MDRX -20%. CTIC -19%. ICPT -19%. UBNT -17%. ANF -13%. ANET -11%. ORBC -10%. AVNR -7%. FSLR -7%. PLNR -6%. NDLS -6%. RIG -5%. DVA -5%. NADL -5%.
Nov. 7, 2014, 8:38 AM
- Salix Pharmaceuticals (NASDAQ:SLXP) is off 34% premarket on robust volume in response to its disclosure of accounting problems regarding wholesaler inventory levels. Per its Q3 earnings announcement, the levels for key products are: Xifaxan: nine months; Apriso: nine months; Glumetza: seven months; Uceris: five months.
- The company says that there is a lack of visibility with its wholesalers regarding sales, making it problematic to accurately forecast appropriate inventory levels. It is now negotiating with its main wholesalers to enter into distribution services agreements for each product in order to improve, among other things, the planning process. The agreements should be finalized in Q1 2015. It expects to adjust inventory levels to ~three months. Wholesaler inventory levels of Glumetza will fall to ~one month or less when a generic competitor enters the market in early 2016.
- Previously: Salix shares plummet, CFO resigns
Nov. 7, 2014, 1:53 AM
- Salix Pharmaceuticals (NASDAQ:SLXP) -38.3% AH after announcing an accounting revision that showed sales of its drugs not as strong as Wall Street's expectations. The changes were accompanied by the resignation of CFO Adam Derbyshire.
- The accounting issue also played a role in scuttling a potential takeover from Allergan (NYSE:AGN) earlier this year, WSJ reports.
- Salix lowered its earnings guidance for the year, and now expects 2014 net income of $400M, or $5.20 per share, down from earlier estimates of $475M, or $6.16 per share.
Nov. 6, 2014, 5:36 PM
Oct. 3, 2014, 9:10 AM
Oct. 2, 2014, 6:16 PM
- Bloomberg reports Salix (NASDAQ:SLXP) is now in talks to sell itself to Actavis (NYSE:ACT), and that M&A talks with Allergan (NYSE:AGN) have faded.
- A tangled web: The WSJ previously reported Allergan was in "advanced talks" to buy Salix after turning down Actavis. Since then, speculation has grown Actavis will bid for Salix.
- SLXP +3.9% AH.
Sep. 29, 2014, 6:07 PM
- Following a successful Phase 3 trial, the FDA has approved Relistor for "the treatment of opioid-induced constipation in patients taking opioids for chronic non-cancer pain."
- Salix (NASDAQ:SLXP) will sell Relistor under a license from developer Progenics (NASDAQ:PGNX). Many expected FDA approval to arrive following a favorable July ruling.
- PGNX +3.4% AH.
- Related tickers: (AZN)(CBST +0.9%)(SGYP -3.4%)(NKTR -0.9%)
Sep. 23, 2014, 9:10 AM
Sep. 23, 2014, 7:51 AM
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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