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Salix Pharmaceuticals, Ltd. (SLXP)

- NASDAQ
  • Sun, Feb. 22, 4:25 PM
    | 2 Comments
  • Sun, Feb. 22, 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.
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  • Mon, Feb. 16, 5:50 PM
    • A person close to the matter says Endo International (NASDAQ:ENDP) is and has been interested in acquiring Salix Pharmaceuticals (NASDAQ:SLXP). It has apparently sent Salix several letters stating its interest in a transaction, but Salix has yet to respond.
    • Valeant Pharmaceuticals (NYSE:VRX) and Shire (NASDAQ:SHPG) are also rumored to be in hunt for the maker of products that treat gastrointestinal disorders.
    • Previously: Valeant close to a bid for Salix (Feb. 12)
    • Previously: Shire now on the hunt for Salix (Feb. 13)
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  • Fri, Feb. 13, 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
    | 1 Comment
  • Thu, Feb. 12, 3:53 PM
    • People close to the matter say Valeant Pharmaceuticals (VRX +2.1%) has arranged financing for a takeout of Salix Pharmaceuticals (SLXP +4%) at a likely price of more than $150 per share. Including net debt, Salix is valued at almost $11B.
    • Salix's products treat ulcerative colitis and travelers' diarrhea and, when approved, irritable bowel syndrome. Consensus view for 2014 is a loss of ($0.11) per share on revenues of $1.32B.
    • The deal would be a noteworthy win for Valeant after its failed attempt to buy Allergan.
    • Previously: Trading in Salix halted, possible sale in the works (Jan. 20)
    • Previously: Salix jumps on yet another buyout rumor (Feb. 3)
    | 3 Comments
  • Tue, Feb. 3, 12:43 PM
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  • Tue, Jan. 20, 1:56 PM
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  • Oct. 3, 2014, 3:07 AM
    • Salix (NASDAQ:SLXP) and Cosmo Pharmaceuticals have ended their $2.7B merger agreement, citing a "changed political environment".
    • In July, Salix had announced it would merge with Cosmo's Irish subsidiary under a tax-inversion, although recent "inversion" legislation from the U.S. Treasury seems to have been effective in curbing the deal.
    • SLXP +4.6% AH
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  • 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.
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  • Sep. 28, 2014, 6:44 AM
    • Another Allergan (NYSE:AGN) investor has spoken out against the company's pursuit of a costly purchase to fend off Valeant's (NYSE:VRX) $54B takeover bid.
    • Jackson Square, the eighth largest investor in Allergan, now joins T. Rowe Price (NASDAQ:TROW), announcing its dissatisfaction with the newly proposed acquisition.
    • This past week, Allergan was reported to be "in advanced talks" to buy Salix (NASDAQ:SLXP) in an all-cash deal after turning down an offer from Actavis (NYSE:ACT).
    • “We appreciate the perspectives of our stockholders,” Allergan says in an e-mailed statement. “Allergan’s Board remains confident in the company’s ability to deliver significantly more value than Valeant’s grossly inadequate offer.”
    | 2 Comments
  • Sep. 24, 2014, 12:16 PM
    • Market buzz is building about Actavis (ACT +2.1%) making a move for Salix Pharmaceuticals (SLXP -0.2%) which would submarine Allergan's (AGN +3.7%) reported acquisition plans as a tactic to thwart Valeant (VRX +6.9%).
    • Actavis itself is supposedly a takeover target of Pfizer (PFE +1%).
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  • Sep. 23, 2014, 10:23 AM
    • In a letter to Allergan's (AGN +2.1%) board, Pershing Square's Bill Ackman says he'll sue the company for breaching its fiduciary duties if it follows through on its rumored acquisition of Salix Pharmaceuticals (SLXP +5.5%) without a shareholder vote. He claims that its attempts at acquisitions are desperate actions to thwart Valeant's (VRX +0.7%) takeover bid.
    | 3 Comments
  • Sep. 23, 2014, 7:51 AM
    • Salix Pharmaceuticals (NASDAQ:SLXP) is up 9% premarket on light volume. Allergan is rumored to be buying the firm in an all-cash transaction in an effort to fend off Valeant (NYSE:VRX).
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  • Sep. 23, 2014, 3:45 AM
    • Under Treasury Secretary Jack Lew’s crackdown on inversions, the Treasury Department announced new tax rules late yesterday to deter U.S. companies from moving their domicile to countries with lower tax rates.
    • The tax changes make it harder for companies to complete overseas mergers, and should they choose to invert, companies will face a hard time using the cash accumulated abroad.
    • The new rules are effective immediately and apply to all deals that have not closed by yesterday.
    • Related M&A: MDT, COV, SLXP, MYL, CQB, OTC:FYFFF,BKW, THI
    | 20 Comments
  • Sep. 17, 2014, 7:25 AM
    • Some large Salix Pharmaceuticals (NASDAQ:SLXP) shareholders would rather the company back out of its proposed acquisition of Cosmo Pharmaceuticals and try to sell itself to a larger pharma company like Actavis (NYSE:ACT) or Allergan (NYSE:AGN). Investors controlling at least 25% of SLXP shares are threatening to vote down the deal. A majority must approve it for it to proceed.
    • They believe that an inversion deal with Cosmo will make it more difficult to find a buyer for Salix, whose market cap is just shy of $10B.
    • Under the terms of the merger, Salix shareholders would own 80% of a jointly-held Irish unit and Cosmo the rest. If Salix backs out, it would have to pay a relatively-modest $25M break-up fee.
    • Salix has had a good year in 2014. Shares are up 73% year-to-date.
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  • Aug. 20, 2014, 5:56 PM
    • Bloomberg reports Allergan (NYSE:AGN) isn't currently in active buyout talks with Salix (NASDAQ:SLXP). Though Allergan approached Salix about a deal in recent months, the talks are currently "dormant," and Allergan is exploring other options to thwart Valeant's hostile bid.
    • SLXP -2.7% AH. Shares rose over 15% yesterday after the WSJ reported Allergan has approached Salix about a potential deal. They fell 2.3% in regular trading today.
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Company Description
Salix Pharmaceuticals Ltd is a specialty pharmaceutical company, which is dedicated to acquiring, developing and commercializing prescription drugs used in the treatment of a variety of gastrointestinal diseases.
Sector: Healthcare
Industry: Drugs - Generic
Country: United States