Canada’s Valeant to acquire Salix in $10.1 billion deal

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SENT Valeant Allergan ISS 20141002

BY HERBERT LASH

Canada’s Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N) agreed to acquire gastrointestinal drugmaker Salix Pharmaceuticals Ltd (SLXP.O) in an all-cash deal valued at about $10.1 billion, the two companies said on Sunday.

The deal for Salix, known for its irritable bowel syndrome drug Xifaxan, was approved by the boards of directors of both companies, the companies said in a news release.

The companies said the deal had an enterprise value of $14.5 billion, which would include Salix’s debt and any cash on hand. Valeant will pay $158.00 a share, valuing the all-cash transaction at about $10.1 billion.

The merger is expected to yield more than $500 million in annual cost savings within six months, the release said.

The transaction is expected to close in the second quarter of 2015, and is subject to customary closing conditions and regulatory approval.

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