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Valeant Pharmaceuticals International, Inc. (VRX)

  • Wed, Mar. 11, 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
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  • Wed, Mar. 11, 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.
    | 1 Comment
  • Wed, Mar. 11, 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.
  • Mon, Mar. 9, 5:37 PM
    • Valeant Pharmaceuticals (NYSE:VRX) commences a private offering of $9.6B aggregate principal amount of senior unsecured notes. The debt, together with the company's incremental term loan facilities and cash on hand, will fund the acquisition of Salix Pharmaceuticals (NASDAQ:SLXP).
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  • Mon, Mar. 9, 12:35 PM
    • Valeant Pharmaceuticals (VRX +2.6%) jumps in early trading on a report that hedge fund honcho Bill Ackman has established a 5% stake.
  • Wed, Feb. 25, 10:54 AM
    • Valeant Pharmaceuticals (VRX -1.2%) wastes little time in ramping up the PR after closing its acquisition of bankrupt Dendreon for $495M several days ago. In a press release this morning, the company announced new long-term preliminary data from a Phase 2 trial evaluating Provenge (sipuleucel-T) in men with biochemically-recurrent prostate cancer (determined via elevated biomarkers like PSA).
    • The two treatment groups in the study, one that completed Provenge treatment two weeks before initiating androgen deprivation therapy (ADT) and one that received Provenge three months after the start of ADT, both showed immune responses. In addition, the data suggests that there may be a greater cellular immune response in patients receiving Provenge before ADT compared to after, although humoral (relating to body fluids) immune responses were similar between the treatment arms.
    • Provenge is not approved for biochemically-recurrent prostate cancer. It is indicated for the treatment of asymptomatic or minimally symptomatic metastatic castrate-resistant (hormone-refractory) prostate cancer. According to the National Cancer Institute, it is unclear whether additional treatment in asymptomatic men with rising PSA levels increases overall survival (OS).
    • The findings, along with data from the ongoing Phase 4 registry, will be presented at the Genitourinary Cancers Symposium this week in Orlando, FL.
    • Dendreon was once a high-flying biotech after its prostate cancer immunotherapy, Provenge, was approved by the FDA in April 2010.
  • Mon, Feb. 23, 9:14 AM
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  • Mon, Feb. 23, 6:04 AM
    • Valeant Pharmaceuticals (NYSE:VRX): Q4 EPS of $2.58
    • Revenue of $2.28B (+10.7% Y/Y)
    • Shares +1.15% PM.
    • Press Release
  • Sun, Feb. 22, 4:25 PM
  • 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.
    | Comment!
  • 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)
    | Comment!
  • 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)
  • Wed, Feb. 11, 2:49 AM
    • Valeant Pharmaceuticals (NYSE:VRX) appears poised to buy bankrupt cancer vaccine maker Dendreon (OTCPK:DNDNQ) after another potential buyer dropped from the bidding process, three sources told Reuters.
    • Valeant has agreed to pay $400M for the assets of Dendreon, best known for its prostate cancer vaccine, Provenge.
    • Previously: Valeant to purchase Dendreon's Provenge (Jan. 30 2015)
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  • Mon, Feb. 9, 12:21 PM
    • The following are healthcare companies whose after-tax margins have expanded the past three quarters and trade at least 500K shares per day:
    • (ACOR -0.7%)(BCR -1.5%)(BIIB -0.2%)(CAH -1.2%)(CPHD +1.3%)(EVHC -1.6%)(ILMN +0.7%)(JAZZ -1.7%)(LCI +7.3%)(MNK -0.5%)(SHPG -2.9%)(SYK -0.2%)(TMO -0.7%)(UTHR +1.4%)(VRX).
    • This is not a list of "Buy" recommendations, but rather a targeted list of firms that may be suitable for more in-depth research.
  • Tue, Feb. 3, 12:43 PM
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Company Description
Valeant Pharmaceuticals International Inc is a specialty pharmaceutical and medical device company that develops, manufactures, and markets a range of generic and branded generic pharmaceuticals, over-the-counter products and medical devices.
Sector: Healthcare
Country: Canada