Valeant Adds $1 Billion to Salix Offer, Amid Bid Battle

March 16, 2015
Pharmaceutical Technology Editors

Valeant announced that it would increase its original acquisition agreement with Salix to approximately $15.8 billion.

 

In February 2015, Valeant announced that it would acquire Salix for $158 per share in cash, totaling approximately $14.5 billion (including company debt). On March 16, 2015, Valeant announced that it would increase its offer to $173 per share in cash coming to approximately $15.8 billion, over one billion more than the original offer.

According to The Wall Street Journal, this increase comes after a cash-and-stock bid of $172.56 from Endo International, a specialty pharmaceuticals company. Per the agreement, if all of the conditions to the tender have not been satisfied by Apr. 8, 2015, the offer price will revert back to $158 per share, according to the press release.

Source: Valeant