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news.Canadian drug maker Valeant Pharmaceuticals International has completed the acquisition of US-based gastrointestinal drug maker Salix Pharmaceuticals for $173 per share or nearly $11bn.
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In order to close the merger, Valeant offered a $173 per Salix share, which is an increase from a bid of $158 per share in cash made this February.
The company said that including Salix’s debt, the acquisition was valued at $15.8bn.
Valeant’s revised share offer, which adds about $1bn in cash for Salix stockholders, will be available through 07 April 2015 and it also helped in the withdrawal of the only other bidder Endo International.
In March this year, Endo said it would pay $175 per Salix share, which will include 1.4607 of its shares plus $45 in cash.
According to Valeant, the transaction remains modestly accretive in 2015 and will be more than 20% accretive in 2016.
With the completion of the deal, Valeant will now have access to Salix’s new gastroenterology treatments including Xifaxan (rifaximin) 550mg, Ruconest (C1 esterase inhibitor [recombinant]), Apriso (mesalamine), Uceris (budesonide) extended release tablets and Relistor (methylnaltrexone bromide).
Image: Valeant completes $11.2bn buyout of Salix. Photo: courtesy of FreeDigitalPhotos.net / Wagging DogMedia Limited.